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South Africans are being urged to loosen their purse strings this upcoming holiday season and buy local instead of imported products.
This, according to Proudly South African, could help improve the country’s economic outlook by making a dent in the R1.1 trillion spent annually on imports.
“At the same time they would be contributing to developing a stronger job market and rebuilding South African businesses,” said Proudly South African Chief Executive, Eustace Mashimbye.
“Although 2020 has been tough and the Covid-induced economic malaise which contributed to a 48.9% drop in household spending, the Festive Season’s direct spending could help the hotel, restaurant and recreational sectors, where income plunged by 99.9%,” he said.
Mashimbye said the lack of demand for South African goods and reliance on imported instead of locally manufactured items was dragging down local manufacturing.
He said if South Africans redirected some of the R1.1 trillion spent on imports towards locally-produced goods, it could add 2% to GDP.
