In a survey conducted on Kenyans by research company, TIFA, released on Monday, December 23, 60 per cent of the population indicated that their financial status is worse in 2019 Christmas season in comparison to the same period the previous year.
The research painted a picture of slow economic growth where only 21 per cent of Kenyans reported an increase in their financial capability in 2019.
Interviewees from Eastern who stated that the 2019 holiday was worse than 2018 stood at a high of 78 per cent while 45 per cent of respondents from Coast held the same opinion.
A majority of the respondents planned to either avoid or minimize the amount of money they had spent during 2018 Christmas festivities.
A worrying 11 per cent of the respondents further indicated that they would not be spending a coin to mark the festive season as a result of the tough economic times while 42 per cent said they would cut their budgets.
The research further showed that Kenyans will spend about Ksh. 4,348 on average over Christmas on travel, accommodation, foodstuff, and stipends to their parents and extended family members.
Kenyans in the North-Eastern region are expected to use the largest amount on average per individual followed by others in Eastern and Nairobi.
“The highest expenditure expectation is recorded in North Eastern (Ksh. 7,879) followed by Eastern (Ksh. 5,491),” the report indicated.
Unemployment, corruption and the high cost of living are the key issues facing Kenyans as they proceed for Christmas festivities.
Many Kenyans chose to commit money to food and stipends to family members as compared to travel and clothes.
The research further indicated that Eastern region was most affected by the current worsened financial conditions followed by Northeastern, central and western regions respectively.
Nyanza came in fifth followed by Rift Valley whereas Coast region appeared to be the least affected by the worsening financial conditions in the country.