A survey conducted by a marketing company found that in December many people spent between R1000 and R5000 more than they would have in any other month.
M4JAM’s survey found that about a third of its respondents used savings to make the December purchases.
M4JAM co-founder Andre Hugo said: “What I found most interesting is that the results show we have not developed a culture of saving as a nation. This is one of the contributing factors resulting in our low GDP growth.”
The survey also found that more than a third (34%) of respondents spent most of their money on food‚ groceries and gifts‚ rather than luxuries.
Almost half (46%) did not travel over the festive season.
Only 5% used credit cards for their extra costs‚ meaning they are unlikely to have accrued significant debt over the period.
Survey reveal consumer spending habits
A survey conducted by a marketing company found that in December many people spent between R1000 and R5000 more than they would have in any other month.
M4JAM’s survey found that about a third of its respondents used savings to make the December purchases.
M4JAM co-founder Andre Hugo said: “What I found most interesting is that the results show we have not developed a culture of saving as a nation. This is one of the contributing factors resulting in our low GDP growth.”
The survey also found that more than a third (34%) of respondents spent most of their money on food‚ groceries and gifts‚ rather than luxuries.
Almost half (46%) did not travel over the festive season.
Only 5% used credit cards for their extra costs‚ meaning they are unlikely to have accrued significant debt over the period.
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