SA to spend more than R200bn over the festive season
Fin24 - Dec 13th 2018, 09:57
South Africans are set to spend over R200bn this festive season, with an average of nearly R6 000 each, a recent survey has found.
This is more than a third of the average South African's take-home pay, according to BankServ Africa's latest index.
Research by short-term lender Wonga found that South Africans between the ages of 18 and 65 are set to spend an average of R5 705 each over the festive season, meaning that – based on mid-year population size estimates – working-aged people are set to pump R204bn back into the economy.
According to Wonga's Festive Spending Survey, conducted among 7 000 people, the biggest budget-benders are food and drink, travel, gifts and entertainment.
Almost a third of South Africans, however, won't travel this festive season due to rising expenses.
East, west, braai is best
According to the survey, 71% of South Africans will be celebrating Christmas with a braai.
And while online shopping may appeal to many, brick-and-mortar shops are still more popular, with cash and vouchers proving to be the most favoured gifts.
Here are some key figures from the report:
· South Africans, on average, spend R2 174 on food and drink over the holidays;
· Travel, including standard commutes and holiday trips, comes to R1 663;
· Gifts come to R1 232;
· Entertainment comes to R667.
How do we pay for it all?
For half of the respondents (50%), a bonus or thirteenth cheque helped. Others contribute to a Stokvel (25%) or save throughout the year (37%).
Eighteen percent said they had to borrow money from a credit provider to fund the extra costs.
According to Wonga, the survey results are a positive indicator in a country that is generally over-indebted, showing that the majority of South Africans plan for their festive spending.
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