This year, the sparkle of festive cheer is being overshadowed by the harsh reality of financial strain. As household budgets buckle under the weight of rising costs, a sobering 68% of South Africans say they won’t be traveling this festive season. For 62%, sky-high fuel prices have made even a short trip an unaffordable luxury. The season of joy has turned into a season of sacrifice.
Debt Rescue CEO, Neil Roets, spoke with IOL and shared his knowledgeable insights on the results of Debt Rescue’s latest Festive Season Survey. The survey provided an in-depth analysis of the current consumer spending patterns, focusing on the festive season’s expenditures in the face of the nation’s economic hardships.
For many, these results are more than numbers — they’re a harsh reminder of just how deeply economic hardships are cutting into the fabric of everyday life.
Cost of living crisis: Robbing South Africans
The survey paints a poignant picture of what this festive season will look like. 71% of respondents admitted they might have to abandon Christmas gift-giving altogether — a beloved tradition that embodies the spirit of generosity and connection.
“When the majority of the nation is unable to afford exchanging gifts during this season of giving, we need to sit up and take notice,” Roets said. This loss of tradition underscores the economic struggles gripping the nation, with 57% of respondents attributing their reduced spending to high inflation and a persistently high repo rate.
The financial strain is forcing consumers to rethink everything. 66% say they will actively seek out the cheapest options, whether for gifts, food, toiletries, or clothing, while 56% will cut back on purchases entirely. Even the choice to use cash for 51% of purchases reflects a desperate attempt to stay out of debt in an environment where borrowing is increasingly expensive.
Yet, the most heartbreaking finding is this: for millions, a simple festive meal — a plate of wholesome food shared with loved ones — has become a rare luxury. As food prices soar, even this modest joy will remain out of reach for nearly half the households in South Africa.
The festive season, a time meant to bring warmth and hope, now highlights a chilling truth: the cost of living crisis is robbing South Africans of traditions that bring meaning to their lives. The once-vibrant spirit of giving and togetherness is being replaced by a collective struggle to simply make it through another day.
Read the full article here
Festive Season Blues?
Are you feeling overwhelmed by your debt this festive season? Does it feel like you are drowning under the weight of debt? At Debt Rescue, we understand what that feels like. Plese know that we would like to help you. We would like you to know that becoming debt-free is indeed possible.
The National Credit Act formally introduced Debt Counselling to assist over-indebted consumers like yourself by developing a repayment plan, which is affordable to you as well as acceptable to all your Credit Providers.
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