As retailers anticipate a last-minute spending surge from Christmas shoppers this weekend, consumers have been cautioned to be mindful of their spending, as the festive season is expected to reflect a balance between economic growth and financial caution.
Consumer Protection Association (CPA) President, Mr Nkareng Letsie, has advised consumers to make careful and well-calculated decisions in order to balance festive celebrations with current economic pressures. He urged people to spend wisely and strictly within their budgets.
Mr Letsie said that while it is important to take part in festive activities, consumers should remember that in less than two weeks life will return to normal, bringing important responsibilities such as paying school fees and buying school supplies.
He warned that excessive festive spending could result in long-term financial strain, saying people should avoid burdening themselves with debt for short-lived enjoyment. According to Mr Letsie, living beyond one’s means during the festive season may force individuals to spend the entire following year repaying debts incurred for just one day’s celebration.
He emphasized that people should learn to live within their means and appreciate what they have, cautioning that unnecessary and prolonged debt can negatively affect one’s quality of life and overall well-being.
