Kaya 959 Reporter
During the festive season many South Africans will be going all out to spend their well earned money, on things that make them happy.
While the last year and a half has been challenging, there are still those things every individual will never compromise on when it comes to spending.
Tumelo Chaka, who is a Tuckshop Executive and Entrepreneur with experience in Retail and Financial Services joined Gugulethu Mfuphi to speak about consumer behavior during the COVID 19 pandemic, and how self gratification influences spending during this period.
“The socio-economic structure of the country, taking it to the grant level, the R350 grant and other normal grant recipients.”
“There’s one part we need to understand, there’s a psychology behind it where, as the caller was even talking about enjoyment.”
“People in these times find that the ‘you only live once’ concept is more real than ever. As we loose loved ones, everyday people are losing loved ones, and many live with the question, am I next, will I have lived my full purpose, will I have lived a peaceful safe life”
Chaka said though there’ll be irresponsible spending, many South Africans continue to make smarter decisions with how they are spending their money.
“I’ve seen that the industry of the stokvels has increased, people are saving more, the power of the retailers. Moreover, the township cash and carry businesses are building more stronger stokvel value propositions, where consumer are able to save during the year, and be able to have a better December every year to buy groceries and consumable goods for the rest of the year.
Also Read: 5 ways to spend your bonus this festive season
What people will be spending their money on?
During the festive season, the pressure of overspending and participating in the euphoric frenzy of bargains, and specials is real for many South African.
It’s also a time where many who are migrant labourers return back home, but do so with gifts, at times important items that display that show their hard work during the year.
Also Read: Festive season safety every family should know
Spending habits differ from person to person. One caller spoke about how important it is for him to always smell good, and how whatever the economy or budget looks like that month, they never compromise on a good cologne.
“I wouldn’t say I am not worried about the future, but for me smelling good is a priority. There’s all the other priorities, but I can’t compromise there. If the month is bad I would downgrade and go for what i would always go for.”
Smart ideas to spend less this December
Though the spending fever catches many South Africans, there are a few things you can do to avoid overspending:
- Spend quality time with the people you care about. You’ll find it will leave you feeling a whole lot happier than spending money you may not have.
- Save time and money with a “bring and share” approach. It will add to the festive spirit, create an interesting table spread and everyone will feel included without having to do too much.
- Budget for each person’s present and be diciplined with how you allocate your money. It may help to put money in envelops for each gift and leave your credit card at home.
- Plan your shopping in advance. Make a list of who’s getting what and map out the right places to get their gifts at the best price.
