Brad Olsen: Infometrics Chief Executive on consumer spending levels this Boxing Day - Holiday Breakfast

Consumers are starting to batten down the hatches as tough economic times are forecast.

Data from payment company Worldline NZ shows consumer spending through its network, excluding hospitality, reached $100.5 million on Boxing Day.

That's up 2.6 percent on the same day last year.

Infometrics Chief Executive Brad Olsen says while the numbers are up, when compared to seven percent inflation, it's cautious spending.

He says naturally people won't be cutting back too much over summer, but the reality is they have to be a little more cautious with their money.

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