Egyptians spend more during Ramadan

CAIRO: According to a new study, Egyptians spend some 50 percent more during the holy month of Ramadan than throughout the year. The study, conducted by marketing company VISA, details how the Egyptian economy gets a massive bump as a result of the month of fasting.

The report said that Egyptians spend a majority of their money on groceries, charity, clothes and eating out as well as spending time relaxing with family and friends at cafes.

It also reported that 44 percent are spending more than their salaries during Ramadan, ranging from 20 percent to 40 percent larger.

The general manager of VISA in North and West Africa region, Tarek el-Husseiny said “managing personal expenses is easier when dealing with payment cards and using electronic means of payment.

“Determining a monthly budget and committing to it is necessary for managing expenses during Ramadan and ensuring that there is no extravagance in spending, which could have an impact on the budget of the remaining months of the year,” added el-Husseiny.

According to el-Husseiny, the Egyptian economy is facing current financial restrictions, which indicate the necessity of restructuring the behavioral patterns associated with spending. “We have to focus on financial planning and preparing accurate budgets,” he said.