Consumers urged to spend wisely after scenes of coronavirus panic buying
Debt Rescue's Niel Roets said many people didn't have the budget to pay for the extra expenses and ended up swiping their credit cards.
JOHANNESBURG - Debt Rescue SA has urged South Africans to make responsible financial decisions even with uncertainty around the COVID-19 global pandemic.
Photos and videos have gone viral of South Africans panic buying at grocery shops this week.
This is Makro Strubens Valley l. The queue goes round the entire store and past the start again— Cindy Poluta (@CindyPoluta) March 16, 2020
I didn't shop..... Walked out. Not a chance. pic.twitter.com/nzuNzjTpYG
At Makro! How many people do we think are in one building? Possibilities are , those numbers include those that just came back from overseas and have not yet self isolated themselves , tested before being in public spaces. pic.twitter.com/iJqUHigUGm— Pitso Mosimane (@TheRealPitso) March 16, 2020
Popped up to @WOOLWORTHS_SA to get some fresh dinner stuff. Blimey 🤦🏻♀️ lets all calm down to at least an average panic. Anyone got a good dinner recipe for a packet of lemons 😂😂 #CoronaVirusSA pic.twitter.com/mH0ov5OwdD— Leanne Manas (@LeanneManas) March 16, 2020
Thousands cleared shop shelves on Monday the day after President Cyril Ramaphosa declared a state of disaster.
Debt Rescue's Niel Roets said the economic impact of the pandemic would be devastating.
“People are in survival mode so they aren’t thinking about things they buy the way they normally buy. They think they must grab everything they can get whether they can afford it or not.”
He said many people idn't have the budget to pay for the extra expenses and ended up swiping their credit cards.
“There are also many retailers providing credit to consumers. The problem with this is a case of supply and demand and many are increasing prices.”
To track the latest developments around the coronavirus both in South Africa and abroad, click on this live status report from Strategix.
(Edited by Refilwe Pitjeng)