Statistics SA released new data on the 7th of May 2009 that looked at food and beverages in February. The industry as a whole is looking up and expanded by 7.6 percent for the three months to February 2009. This report looks at what we are spending on food and drink and it shows that food sales are up 10.8% but that alcohol sales from bars are down 14.9 percent. This means we are spending less in the bars and more on food. Take away and fast food outlets also recorded an increase in income of 21.9 percent. So what can you do to save money?
- Plan a budget and stick to it
- Cut down on your parties
- Cash not credit cards
The downturn is here and we all need to find ways to cut down on our spending while not cutting down on our quality time with friends and family. The Times came at these figures with the killer headline 'Less dop and more tjop'. They reckon that the increase in food sales can be directly attributed to interest rates falling and the savings that they have delivered. Basically you pay less to service your debt and you have a bit of extra cash in your pocket that the figures show is being spent on food. Instead of going out to fancy restaurants folk are still going out for a bite to eat but to the take away shop instead. Restaurants are closing down as less people have the cash to eat out in a higher cost establishment.
The Dispatch also looked at these numbers and noted that 'in difficult times people preferred to spend their extra cash on food rather than alcohol'. So if and when you are tempted, drink that six-pack at home with a take away rather than head out to the style bar with the expensive cocktails and really tiny canapés. Make sure you know what is in your budget at all times so that you can know what you can spend on and what you shouldn't and never use your credit card on consumables as you pay way over the odds on something that is gone as soon as you eat it.