As rising power bills put pressure on household budgets, New Zealanders searching for savings are increasingly focusing on just two electricity retailers, according to Consumer NZ’s Powerswitch data.
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Record numbers have been using Powerswitch, and almost 28,000 have initiated a switch on the service this year.
The data shows Electric Kiwi and Genesis have dramatically increased their share of consumer interest since March, while several other major retailers have seen significant declines.
Of the Powerswitch initiated switches in July, 55.5% were to Electric Kiwi (up from 37% in March) and 17.4% to Genesis (up from 3.8% in March).
Meanwhile, Contact’s share of Powerswitch initiated switches fell from 26.9% to 11.4% and Mercury’s from 12.3% to 4.1%. Powershop dropped from 11.6% to 5.2% after thousands took leave after its new app rollout.
Consumer NZ’s Powerswitch manager, Paul Fuge, says the data shows New Zealanders are becoming far more focused on a small number of retailers when looking for better deals.
“What stands out is how concentrated consumer movement has become recently. Nearly three out of every four of those switching through Powerswitch in July went to either Electric Kiwi or Genesis.
“People are clearly responding to offers that deliver meaningful savings. In a market where power prices have risen sharply, households are paying closer attention to who is offering the best value. The data shows they are now more inclined to take action.”
Fuge says the figures should serve as a reminder that sticking with the same retailer year after year can be costly.
“Electricity retail is more of a revolving door than a pecking order. Retailers rise, fall and fight their way back again as they compete for customers. The retailer topping the rankings today can quickly find itself chasing the pack tomorrow.
“Power prices are already high, up 20% in the past two years alone. Don’t add a loyalty tax on top. The average annual saving for people who switch on Powerswitch this year is now around $479.”
Powerswitch, which recently celebrated its 27th birthday, is Consumer NZ’s free and independent electricity price comparison service, helping households compare plans and identify potential savings through switching retailers.
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