Festive season - time to tighten the belt

Résumé détaillé

As festive shopping kicks off across South Africa, the Pietermaritzburg Economic Justice and Dignity Group urges consumers to budget carefully amid rising…

With South Africa’s festive season, marked by a heightened spending spree fast approaching, the Pietermaritzburg Economic Justice and Dignity Group (PEJDG) has warned consumers to be extremely careful in how they spend their money.

According to PEJDG programme coordinator Mervyn Abrahams, soaring food prices are likely to lead to a deepening affordability crisis for consumers.

“When South African consumers face upcoming Black Friday or end of the year celebrations coming up quite soon, they should be careful in how they spend money.

“We should budget - not just buying whatever we see, but only what we really absolutely require, because prices will continue to increase.

“That is the projection and for that reason, the affordability crisis will only deepen,” warned Abrahams.

“The PEJDG September study found food prices outstripping income, with the food basket tracked standing at R5,488 and six cents, whilst a national minimum wage was R5,078 and 64 cents,” added Abrahams.

The PEJDG food price caution comes as the latest Festive Trading Gap research published on Monday by the Brand Journal – part of the world marking of the Global Entrepreneurship Week (GEW) – has reported a surge in retail sales.

Observed from 18 to 22 November, under the theme “Entrepreneurs Thrive Here”, the focus of this year’s GEW is on “building locally and scaling globally”.

The event is celebrated across over 180 countries, with thousands of live, virtual and hybrid events - connecting founders, investors and policymakers.

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