Prospects of a gloomy Christmas and new year holiday are looming large for most families in Zimbabwe with retailers already feeling the biting effects of lackluster festive spending owing to worsening economic conditions, 263Chat Business has established.<\/p>\n
This will be yet another indifferent Christmas holiday for ordinary folks after last year and the year before which were hamstrung by cash and liquidity challenges.<\/p>\n
A snap survey by this publication showed that contrary to somewhat generous festive season shopping, consumer appetite to spend this year is at its lowest in recent years.<\/p>\n
Clothing retail outlets have been the worst hit, as consumers cannot cope with the prices in stores while food retail is experiencing some activity albeit subdued comparative to yester years.<\/p>\n
“I am not worried about Christmas anymore, I last enjoyed Christmas in 2016. We are currently struggling for an ordinary meal yet you talk of a Christmas feast with extended family. It’s not possible this time,” says one shopper who identified himself as Chris.<\/p>\n
“My salary has been reduced to peanuts yet prices are going up on a weekly basis,” he added.<\/p>\n
Inflation has sprung beyond 500 percent, the highest since 2008, as exchange rate volatility continues to pose further currency depreciations.<\/p>\n
Most companies have struggled to sustain operations as product uptake has been generally weaker hence majority of workers failed to get their thirteenth check in November.<\/p>\n","protected":false},"excerpt":{"rendered":"
Prospects of a gloomy Christmas and new year holiday are looming large for most families in Zimbabwe with retailers already feeling the biting effects of lackluster festive spending owing to worsening economic conditions, 263Chat Business has established. This will be yet another indifferent Christmas holiday for ordinary folks after last year and the year before […]<\/p>\n","protected":false},"author":84,"featured_media":10702,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12],"tags":[344,1106],"class_list":{"0":"post-16567","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-policy","9":"tag-drought","10":"tag-ministry-of-environment"},"yoast_head":"\n