Kenyans will overspend on food, decorations and gifts during the festivities, according to a report released by WorldRemit.
According to the WorldRemit 2022 Cost of Christmas Study released on Wednesday, November 16, food will take up a majority of expenditure at average spending put at Ksh8,418.
Kenyans will spend an average of Ksh4,880 to buy Christmas gifts and Ksh3,294 on decorations.
The high cost of food items was explained by the global inflation that has affected many economies all over the world causing a spike in prices of basic food items.
According to the report, Kenyans are likely to spend beyond their means to enjoy the festivities with their families.
However, this year's festivities will see Kenyans fork out less than they did in 2021 by 17 per cent.
"Kenyans are likely to spend more than 100 per cent of their monthly household income on Christmas," read the report in part.
Consequently, Kenyans were advised to spend prudently during the holidays given the harsh economic times many face at the beginning of every year popularly referred to as njaanuary.
Kenyans were, therefore, urged to take advantage of festivities offers such as black Friday to buy various household goods.
"Many online and offline shops offer great deals these days. The discounts are a great way to get ahead of Christmas shopping and save," read the report in part.
Kenyans were also advised to make use of budgets and make a to-do list before the festivities heighten.
"Don’t leave preps and plans until the last minute. That includes shopping. Now that you’ve got a list, start ticking things off," read the report in part.
