Spending during the festive season is expected to drop

Williams says this is according to a survey of over 8,500 South Africans who shared their travel plans for the holidays, the activities they will enjoy, gifting ideas and how much they intend to spend. They also gave an indication of how they were feeling about the new year.

Given the economic downturn, the study shows that festive spending is set to decrease 11% in 2022, when compared with 2021, while more than half of people say they’ll spend less this holiday season than last year.

Understandably, 38% of South Africans say that they are worse off financially than at the end of 2021. 

And in a year that had been expected to mark a recovery in tourism, Wonga estimates that over two-thirds of locals will not be travelling over the festive period.

Topics of discussion include: Wonga’s business model; results from its recent festive spending survey; trends highlighted by the data; the impact of an economic downturn on consumer spending;  and consequences for the travel and tourism sector. 

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