By Christine Tsotetsi in South Africa.
(News Of The South) – Traditionally we expect to see consumers filling their baskets with foodstuff and many gifts as the spirit of Christmas fills the atmosphere. But that culture has changed in the past few years.
This is mostly due to financial strain in many households due to tough economic times globally.
People started spending on essentials between 2008 – 2010. Retrenchments, lack of jobs due to companies cutting costs were other reasons why there was less spending among consumers. The situation picked up when many African economies recovered and jobs started to open up especially in the private sector.
Now men and women in the workforce are looking elsewhere to spend their hard earned cash, those who get a 13th cheque are even at a better advantage. The working class is looking elsewhere for spending. No more baskets full with large amounts of food and gifts. Now people spend more on gadgets, cars and non-foodstuff.
The market of gadgets is growing in huge numbers. Mobile companies are releasing new phones, iPads etc all the time, catching the consumer’s attention. How long will people go with the flow?
For some who are not really into gadgets a holiday trip is a way to go. This also brings us to the issue of saving. Does an ordinary employed individual have a savings plan? What message are we sending to the new generation? The more money we have, the more we want to be on the par with our peers. Out with the Old and In with the New. That’s the new trend.
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