How do South Africans spend their money
The average South African spends R4,400 per month on groceries, R2,600 on restaurants and cafes, and R1,500 on eating out. This is according to the latest data from Statistics South Africa’s Consumer Expenditure Survey. The survey also shows that South Africans spent R300 million in retail this year alone – making it one of the largest industries in our country. To learn more about how we spend our money (and what you can do to save some), read on!
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How much do South Africans earn?
The average salary in South Africa is R20,000 per month. To put that into perspective, it’s around $1,500 USD and would be considered middle class in the United States.
The minimum wage (for those who are eligible) is R7 500 per month, or around $750 USD. This means that if you earn less than this amount per month, you qualify as poor or low-income by Western standards. A person earning over R10 000/month can be considered rich by most South Africans but not necessarily so by global standards
What are South Africans spending their money on?
South Africans spend a lot of their money on food and drinks.
Groceries: South Africans spend an average of R1,680 per month on groceries, which is more than any other country in the survey. They also spend more than average on eating out (R1,373) and beverages (R1,307).
Restaurants: South Africans eat out frequently; almost half of them do so at least once a week!
Restaurants and Cafes
South Africans spend a lot of money on food. In fact, it’s the second most popular way to spend money after entertainment and recreation. Restaurants and cafes are the most popular places for South Africans to eat out, followed by fast food outlets like McDonald’s and KFC.
The love for good food is deeply embedded in our culture, as can be seen from a large number of restaurants available throughout the country (there are over 10,000) as well as all those who enjoy preparing meals at home with family members or friends.
Groceries
The average South African spends R3,800 per month on groceries. This is a lot of money, considering that the average income is only around R16,000 per month (about $1,100).
But it's not just people in cities who shop at supermarkets and grocery stores—many people in rural areas also shop at Woolworths and Pick n Pay for their weekly supplies. Some even prefer these chains because they offer bulk items like sugar or flour at lower prices than smaller shops do. Others still choose to shop at smaller independent stores because they can get better service from them or because they like being able to talk directly with the owner about what's happening in their community.
Regardless of where you live or how much money you make or spend each month on food items such as milk and bread--or whether those items are part of your diet at all--you're probably familiar with how important it is for us all as South Africans not only eat properly balanced meals but also get enough nutrients each day so we remain healthy throughout our lives.
Read: 10 signs a job posting is fake
Eating Out
South Africans spend a lot of money on eating out. This is because we have a lot of restaurants, cafes, and fast food outlets. In fact, South African consumers eat out an average of two times per week! This convenience means that our culture has become very accustomed to eating out, whether it's for breakfast at the local supermarket or dinner at one of the many restaurants around town.
Go-to Retailers
Clothing, shoes, and accessories: South Africans spend a lot of money on clothing. In fact, it's their most popular category. They also love to shop for electronics and appliances (especially TVs) online.
Electronics: South Africans can't get enough of their smartphones, tablets, and laptops--they're the second-most popular category after clothing!
Furniture: If you want your home to look modern but still be comfortable and inviting, this is where you should be shopping!
The Home Improvement Industry
- Home improvement is a big industry in South Africa.
- South Africans spend A LOT of money on home improvement.
South Africans spend much of their money on food, home improvement, and retail.
South Africans spend much of their money on food, home improvement, and retail.
Food is the largest expense for South Africans. In fact, it's the second-largest expenditure for households in general (after housing). In 2017, South Africans spent R70 billion on food - an average of R7 000 per person per year.
Conclusion
We hope that we've given you some insight into the spending habits of South Africans. As you can see, there are many different things that we spend money on and it's important to know where your money goes so that you can make better financial decisions in the future.
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