Business Times

Overspending big concern this Christmas – Business Times poll

A Business Times (BT) poll conducted for the festive season on "Stretching The Rupee" shows that shoppers give equal prominence to clothes/shoes and food. When asked to prioritise between three items (clothes/shoes, food and gifts), equal numbers of respondents voted for both clothes/shoes (34.5%) and food (34.5%) were the same, while gifts (31.03%) were considered least important of the three; prompting the conclusion: there is really nothing which we can do without during Christmas. Because even though clothes/shoes and food were identified as most preferred, gifts could also not be ignored as they were shown to be significantly important to shoppers.

However, while respondents as a whole could not decide what they needed most this Christmas, one thing they all overwhelmingly agreed on was that they had to be extra diligent, particularly this year, not to overspend. Fully 67.64% of those polled (among 225 respondents) favoured spending only the bare minimum necessary for the season.

Asking respondents to prioritise clothes/shoes, food and gifts into “1”, “2” and “3” in response to “During the season what do you spend on the most?” as well as answering “Yes”, “No” and “Undecided” to “Do you over-spend (more than what you earn)? If so do you have plans to cut spending?”; the Business Times Poll utilised a convenient sampling methodology, via emails sent to a database of regular contributors to tap public opinion from private and public sector business leaders, decision makers and employees in sectors as diverse as finance and banking, IT, services, telecommunications, garment and textiles, electronics and other.

Additionally, remarks by respondents provided greater insight into why people were so vehemently against spending too much, particularly this year. One opinion was that any sort of overspending in "the existing economy" was not advisable because "there was no way to recover". Yet others suggested that, while they did not overspend in the first place, they were attempting to make still more reductions to expenditure; with one respondent stating that they had already earmarked these savings for charities to help those less fortunate.

Another commented that they had learned to control overspending due to a strict regimen of cash only transactions, while others cited the unlikelihood of bonuses this season as well as turbulent times and an uncertain future for Sri Lanka as reasons to curb spending and actually for once try to save during what would ordinarily be a no-holds-barred shopping marathon.

Meanwhile, there was one with a sobering reminder that, even beyond the season, overspending was becoming a greater area of concern for all as household expenses now frequently exceeded monthly earnings for many, especially because of the sheer number of essential items required by today's families; for example "food, shelter (rent or maintenance cost), power (mainly electricity), cooking expenditure (mainly gas, firewood and otherwise), school expenditure (including school transportation), vehicle maintenance or its fuel costs, etc., and not to forget the social expenditure."

Top to the page  |  E-mail  |  views[1]
Other Business Times Articles
IMF says fiscal policy a major challenge
Current account surplus due to rising budget deficit, falling growth
GK depositors protest over tax claims
JKH wants to expand in hotel sector
Accountability and corruption haunts tsunami anniversary
GSP+ reversal: Exporters worried about mid-to-long-term impacts
Colombo bourse index reached all-time record
Comment - Lessons from the Tsunami
Mabroc Kelani Valley Teas: Creating the world’s ethical tea brands
Tapes key to Galleon case, Khan's lawyer says
TRC to dish out LTE, Digital TV and WiMax frequencies next month
Local 28.8 Mbps downlink HSPA trial a 'success'
Coca-Cola employees improve facilities at Ampara school
'ICT for National Development and Integration' next week
Central Bank steps to rescue yet another ailing finance company
Utilities Regulator to ensure safety of power supply in schools
CB to guarantee bank loans to finance and leasing cos.
“Dare to Dream” blog draws in business community
22% UK SMEs want to outsource, disregard negatives - report
Kerala film park offers post production facilities for Lankan movie makers
Sri Lankan Entrepreneur of the Year meets the President
Additional leg-room on Cathay Pacific
Consumers cautious in spending
Credit Cards Vs. Debit Cards
Overspending big concern this Christmas – Business Times poll
Early planning is key to implement new accounting standards
Matchmaking programme completes 15 years
Tsunami-hit villagers of Kiula call for saner counsel at UN Climate Summit
Supreme Court to order the seizure of assets of Lalith Kotelawala
HR managers doubt accuracy of evaluation process - study
New service to care for the elders
Singer proposes Rs.600 million debenture issue to refinance debt
400 OLPC XO laptops to primary school children
Train timetables, crop prices now through GovSMS
Tea export revenue surges at Malwatte Valley Plantations
Mc Currie gets ISO certification
Uva region -- poorest in IT literacy
'Garments Without Guilt' at global meeting


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2009 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution