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Closed wallets: People to spend less this holiday season, survey shows
The survey, which was conducted in five cities, including Jakarta found that 52 percent of respondents planned to cut their spending during Christmas and New Year holidays.
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An illustration of Christmas shopping with ornaments in the background. (Shutterstock/PopTika)
C
onsumers are expected to spend less during the year-end holiday season as the impact of the COVID-19 pandemic hits their income and heightens worries over the economy, a recent survey by online firm SurveySensum has shown.
The survey, which was conducted in five cities, including Jakarta, between Dec. 10 and Dec. 15, found that 52 percent of respondents planned to cut their spending over Christmas and New Year’s. Shopping budgets for the year-end holidays are also expected to be down by around 14 percent from Rp 7 million (US$492.6) to Rp 6 million this year.
While people are still opting to buy gifts, the majority of consumers stated that the pandemic would impact their holiday routine, as 77 percent of households surveyed said their income had been reduced during the health crisis.
Case in point, Herlina Utami, a 41-year-old homemaker, said that she planned to celebrate Christmas at her home in Bekasi, West Java, with her husband and two children, instead of visiting her extended family in Surabaya, East Java, due to health concerns. This year, she said her family’s spending had significantly decreased, as the family wanted to save more during the uncertain times.
“We were looking forward to traveling, but I guess we just have to video call our family this year,” she said on Tuesday, adding that she would still send Christmas gifts, such as food and toys, to her family and friends, bought through online shops.
The continuous rise in the COVID-19 cases is expected to put pressure on household spending, which accounts for more than half of GDP, hence hampering economic growth.
As of Wednesday, the country added more than 7,500 COVID-19 cases, bringing the national tally to more than 685,600, with more than 20,400 fatalities.
