According to the Deloitte Year-End Holiday Survey, conducted in 19 countries; nearly two thirds of South Africa, (62%) have indicated that they will spend the same or less than they did last year.

It seems that pessimism amongst the South African consumer has increased and when asked about the current economy, 41% revealed that they thought the country was still in recession. Their outlook on the future in terms of a recovery from this recessionary slump has also decreased with only 45% believing that the economy would improve in the New Year. Compared with 65% from the following year.

There has also been a drop in the shared feeling of job security with only 50% of South African’s considering their jobs to be safe. A vast drop when compared with the 80% job security in 2008. This insecurity is not surprising however, considering the continued unemployment in the 3rd quarter of 2010.

Many of the shoppers surveyed indicated that they were more likely to spend less, as well as the fact that their presents would be more practical.

However out of all the countries surveyed, it was revealed that Greek and Portuguese consumers had the bleakest outlook for the 2010 festive season.

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