Airbnb, olives and body massages added to NZ Consumer Price Index
Stats NZ has updated its Consumer Price Index (CPI) to reflect what modern New Zealanders are spending their money on.
The CPI, a basket of typical goods and services bought by consumers, is updated every three years and based on surveys carried out by Stats NZ.
New items featuring in the basket include olives, craft beer and bicycle helmets, while Uber fares, Airbnb rents and body massages are among the new services added.
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Also featuring for the first time are smartphone accessories and clothing alterations, but sewing machines are out.
Other items and services to be expelled from the CPI include DVD players, DVD rental, MP3 players, in-car satnavs, external computer drivers, cottage cheese, luncheon meat and prams.
Stats NZ’s Prices Senior Manager Jason Attewell said: “People are changing what they buy to keep up with changes in technology, and as a result, we’re removing several items from the CPI basket. These items are still available to buy, but New Zealanders just don’t spend as much on them.
“We’re introducing the sharing economy to the CPI to keep it relevant for New Zealand. People don’t have as much time to do things themselves, and are prepared to pay others to do jobs for them.”
The New Zealand CPI has been compiled and updated for more than 100 years, reflecting Kiwi consumer habits over time. For instance, early victims to be culled from the basket include tapioca in 1914, candles in 1949 and powder puff in 1955.
More recent removals include mops in 1974, men’s pyjamas in 2002 and swimming pools in 2006. Among the standout more recent additions include pets, cider and frozen prawns, all added to the CPI basket in 2016.
Bytedance CFO to TikTok CEO in 5 weeks: who is Shou Zi Chew?
When the world’s most valuable startup ByteDance, owner of TikTok, snatched 39-year-old finance exec Shou Zi Chew from the clutches of Xiaomi back in March, and gave the 39-year-old the financial reins of the US$400bn valued company, it was pretty big news.
Not just because it was the first time Bytedance had employed a CFO or that he had landed the only other C-suite position besides CEO Zhang Yiming, but because rumours were swirling that Beijing-based Bytedance was about to float and Chew, who had previously taken Xiaomi through a successful IPO, was being brought on board to do the same.
However, just five weeks into his role as CFO of Bytedance, with speculation growing as to the when and where of an IPO, Chew, who is a Singapore national, landed the top job (CEO) at TikTok too – a role currently considered to be the biggest job in tech – in addition to retaining his CFO position at parent company Bytedance.
The world's most challenging roles?
That's quite a responsibility. Not just because of the popularity of TikTok (think 689 million users worldwide and the world's most downloaded non-gaming app in the first quarter of 2021) and the revenue of Bytedance (US$37bn in 2020), but because the data privacy complications that TikTok and Bytedance have been enduring for a while now, with Chinese and US governments, are not going away.
Complications that led to the departure of TikTok’s previous CEO, former Disney exec Kevin Mayer after just three months in the job, when during his tenure the US government issued two executive orders within eight days aimed at forcing ByteDance to divest TikTok's operations in the US. This is far from TikTok's, or rather, Chew's only challenge. With India, once TikTok's fastest-growing market, now having banned the platform for political reasons, the challenge for Chew will be, where to grow TikTok?
This will no doubt be a business imperative for Chew, in finding a way to both grow the platform and to restructure the business to meet regulatory requirements both demanded by the US and Beijing. As will taking Bytedance through its initial public offering, something that has been rumoured about. According to Reuters, ByteDance has been considering whether to go for a standalone public listing for Douyin, the Chinese version of TikTok, or list some of its Chinese operations, including Douyin and news aggregator Jinri Toutiao, as a package in Hong Kong or Shanghai.
Why is Chew the man for the biggest job in tech?
So, who is this man with so much responsibility on his Singaporean shoulders? And more importantly, is he up to the job(s)? Well, he's used to working with billionaires, having worked for Russian billionaire Yuri Milner‘s internet investment firm DST for five years. In fact, it was here, at DST, in 2013 that Chew first came across Bytedance and where he led a team as early investors in ByteDance – what was then just a small startup housed in a Beijing residential flat.
Chew's credentials are pretty impressive too. Not only does he have an economics degree from University College London and an MBA from the Harvard Business School, where he spent a summer working for a then startup (Facebook), but his experience in some of the world's top companies straddles both tech and finance.
Chew began his working life in investment banking at Goldman Sachs, where he focused on technology, media and telecoms’ investments, before joining private equity firm DST Investment Management as a partner for five years.
He then joined Chinese electronics giant Xiaomi as Chief Financial Officer, where he was the youngest of the C-suite and where he was not only instrumental in securing much-needed financing from investors, but oversaw the company’s Hong Kong IPO in 2018, one of the largest-ever Chinese tech listings and the first-ever IPO in Hong Kiong Stock Exchange to realise dual-class shares.
He spent six years at Xiaomi before being snapped up by Bytedance. And according to the man who hired him, billionaire founder and CEO of Bytedance, Zhang Yiming, Chew's "deep knowledge of the company and industry” will add "depth to the team, focusing on areas including corporate governance and long-term business initiatives. I believe Chew's accession can help us further expand our global business."
Watch this space.