Per capita, Kiwis are estimated to drink a cup of coffee a day – an average spend of up to $1170 per person per year. A study conducted by personal finance comparison site Finder has revealed that coffee drinkers could save up to $60 per month simply by shopping around when it comes to buying their morning coffee.
The research looked at 12 different coffee chains in New Zealand, estimating the total cost of purchasing a coffee every morning for a month. The study found that Coffix was the cheapest chain, averaging $50 a month, while The Coffee Club was the most expensive at $110.
“Our research found up to a $3 price difference for the same coffee order at different stores – if you buy 20 coffees a month that's $60 a month or $720 a year,” said Finder editor-in chief Angus Kidman. “However, cafe loyalty programs can offer great savings, provided you're diligent with getting your card punched and stay loyal to one coffee shop. For instance, if you're an avid Muffin Break goer, you could save roughly $21 a month by using its rewards program. Much like a credit card or frequent flyer rewards program, it's important for consumers to compare their options based on spending habits and personal preference.”
The study also took rewards schemes into account – those who used the Muffin Break loyalty scheme would get $21.60 of free product in a month, the most generous scheme, with Coffee Culture next at $16 and Wild Bean at $13.50. The Coffee Club had the least effective scheme – a buy one get one free programme – which doesn’t help the single-cup buyer.
"Loyalty programs can definitely have a halo effect – we think we're getting a bonus so we stop comparing. A red flag is spending more than you usually would simply in order to get a freebie. Take the bonuses when you can, but don't change your habits. That way you'll come out ahead.”