While millions of South Africans look forward to the festive season, millions more have nothing to look forward due to financial stress.
Despite signs that the economy is starting to improve, South African consumers are facing a festive season containing more ‘No-No-No’ than “Ho-Ho-Ho’ this year, with a survey showing that 68% of participants will stay home and 71% will not be able to afford gifts for their loved ones.a massive 68% of participants have no plans to travel and 62% attribute their decision to the high cost of fuel cost.
“It is clear from our festive season survey results that millions of hard-working citizens who were looking forward to their annual trip to visit friends and family during the end-of-year holidays will no longer be able to afford this once-a-year luxury. “This is possibly the most distressing survey outcome of all. It came through strongly that people are planning to spend far less on Christmas gifts this December, with 71% saying they may have to give up on any gifting purchases at all – a tradition which lies at the heart of South Africa’s season of goodwill.
“This will indeed even be out of reach for at least half of households across the country, as the price of the household food basket continues to skyrocket.”, the price of the average household food basket for low-income consumers increased by 0.9%, costing R5 361.04 in November. Mervyn Abrahams, programme coordinator for the Household Affordability Index, says the general trend of the household food basket remains high.
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