Covid-19 has put a dampener on Christmas spending this year according to new research by global financial comparison website Finder.com.
The survey shows that over half of South Africans poled planned a third cut to their Christmas spending plans with a potential huge dent into the economy
A survey of 1,510 respondents reveals 56% of South Africans aged 18 and above – equivalent to 21.5 million people – are planning to spend less […]
Those planning to spend less are reducing their budget by a third on average (33%). With last year’s Christmas spend averaging around R6,585 per person this means a forecast spend of R4,432 per adult (R2,153 less).
The flow-on effect will hit retailers and service providers, costing them an estimated R26bn in reduced sales.
Susannah Binsted, money specialist at Finder, said some people are cutting costs harder than others.
“A quarter (25%) will at least halve their annual Christmas outlay, while one in five are looking to shave off around 5-10%,” she said.
“But keep in mind that many consumers will be looking to shop online this year so don’t leave online purchases to the last minute and make sure you check shipping and delivery times.”
Follow Susannah on twitter, adds her personal advice to help plans with your Christmas spending and how to get the best deals