Cama cautions against excessive festive spending

Consumers Association of Malawi (Cama) has warned consumers against excessive spending during the festive season, urging them to prioritise budgeting before making any expenditures.

Cama executive director John Kapito in an interview yesterday cautioned consumers against buying perishables in large amounts, heavy drinking and holding unnecessary gatherings that will make them spend more money, but instead, prioritise on necessities such as paying their bills.

He also advised consumers to invest their money bearing in mind that 2018 has been a tough year financially.

Said Kapito: “During Christmas and New Year, consumers often times make decisions that affect their incomes negatively. Consumers must always budget together as a family what they would want to spend and consumers must refrain from impulse buying where they buy a product because it looks good on display or that it looks attractive.

“Most of all, consumers must always remember that 2018 has been tight and if we have extra cash, let us invest it in local treasury bills or any good investment.”

He urged consumers to label all foodstuffs they buy and demand receipts when they buy expensive durable items in respect of warranty and guarantee.

In the few weeks prior to Christmas, consumers have been seen flooding supermarkets and produce markets to stock up for the season.

This year, consumers are also guaranteed to spend their Christmas without power interruptions as the Electricity Supply Corporation of Malawi (Escom) pledged an improved supply during the festive season.

The power utility company said on Monday it has been strategising on consolidating gains that have led to improved power supply in the past week.