It said almost 6 000 South Africans had shared what they planned on doing these holidays, who they planned on doing it with and how much they intended to spend.
“Our research revealed that 60 percent of people think they’ll spend more this festive season than they did in 2018, despite the tough economic climate. However, rather than turning to debt, the majority have either saved throughout the year or plan on using their end-of-year bonuses to manage the extra expense,” said James Williams, the head of marketing at Wonga.
The research revealed that 76 percent of South Africans spend more than usual over the festive season, with food and drink taking up 37 percent of most budgets at an average cost of R2 430 a person.
This is followed by gifts, which accounted for 20 percent of festive budgets, with South Africans forking out more than R1 200 to spoil their loved ones.