CAMA urges consumers to cut down on unnecessary spending for this festive season
Consumer Association of Malawi (CAMA) is advising the public that year’s festive season will be celebrated in one of the worst high cost of living in recent memory and thus urges them to cut down on unnecessary spending especially on luxury goods and services.
In a public statement, CAMA Executive Director, John Kapito contends that “the high cost of living has affected many consumers in Malawi” and that their “confidence is at its lowest triggered by high inflation, high interest rates and high prices of goods and services”.
“We have obligations to ourselves and families and that demands all consumers to be prudent during this festive season by cutting down buying products and services that are of no value to our wellbeing.
“Consumers must remember that they have bills to settle. It is important for every consumer to pay attention to the demands of the market and adapt according to incomes.
“Every consumer is aware that the Malawi economy is completely bankrupt and prospects for recovery are very minimal and therefore, it is important to plan for Christmas period carefully.”
Kapito further reminds consumers to be alert during this Christmas period when doing any purchases or planning to spend money and offers some guidelines — such as:
1. Budgeting before any purchases are done;
2. Planning all expenses with their families;
3. Avoiding impulse buying or any influence by promotions and advertisements;
4. Avoiding purchase of unnecessary luxury goods and services;
5. Reducing and/or not going for unnecessary trips or travel;
6. Avoiding heavy alcohol drinking and attending to many parties;
7. Paying for their rentals, water bills, electricity bills, school fees and buy enough food to last the month of January;
8. Not copying and competing with their neighbours;
9. Avoiding using borrowed money from unregistered money lenders (katapila); and
10. Going to church and to pray to God for his mercies.
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