Report: SA shows caution as festive spending habits shift
A report by Deloitte has revealed more South Africans will opt to buy food due to the tough economic times.
CAPE TOWN - A new report shows that South Africans will be a bit more practical when it comes to their annual festive season spending.
Deloitte's year-end 2014 holiday survey indicates consumers will prefer to cut back on travel and socialising over the holidays in favour of buying food due to tough economic times.
The report also found the average proportion of the consumer budget that will be spent on food has jumped to 44 percent in 2014 compared to 36 percent a year ago.
The group's Rodger George says consumer behavour around spending seems to have shifted.
"Most will spend 42 percent on kids and this year we think that's going to be relatively stable at 43 percent. But the big move really is the move from spending on socialisation to food."