Over half of Egyptians spend more during Ramadan

According to a recent survey conducted on behalf of Visa, over half of Egyptians spend more money during the month of Ramadan than any other month of the year. The survey, conducted among 767 Egyptians across the country, revealed that the biggest expenses during the holy month were groceries followed by charity, clothing, dining out and entertainment. Of the 55% of those who spend more during Ramadan, 44% spend an extra 20%-40% of their monthly salary during the holy month. 

“The management of personal finance is easier with digital currency and electronic payments,” said Tarek Elhousseiny, General Manager for Visa North and West Africa. “Defining and adhering to a monthly budget is an important tool for managing expenses during the holy month of Ramadan to ensure overspending does not take away from expenditures for the rest of the year. Given the current financial constraints that the Egyptian economy faces, it is more important than ever to reshape our behavioral and spending patterns. As we plan for the future of our society, more focus should be placed on planning and budgeting.”

Although over half of respondents claim they spend more during the month of Ramadan, nearly three-quarters of them (72%) say they ‘do not spend more than is necessary’, which indicates that Egyptians keep close track of their spending habits over the course of the month. Supporting this notion, 60% of respondents claim they always adhere to a set monthly budget throughout the year. This practice of budgeting is more common among older age groups (30+ years old). Among the respondents who admitted to spending more during Ramadan, 61% were male, while 49% were female.  

“The survey also shows that Egyptians are spending the most at supermarkets and retail outlets, where with the right infrastructure for electronic payments, budgeting and keeping track of funds is made easier,” added Mr. Elhousseiny. “At Visa we are working with local merchants to provide more electronic points of sale (POS) to the already 30,000 in Egypt [which includes ATMs. Using your electronic payment card is not only more convenient and secure than using cash; it helps make budgeting during Ramadan effortless.”

The survey was conducted among 767 Egyptians (96%) and expatriates (4%), evenly split between males and females, with slightly over half living in Cairo (52%) while the remaining respondents were polled in cities across the country. Of total respondents, 40% were 18-29 years old, 21% were in their 30s, while 39% were age 40 or over.