CAIRO: Every year, upon entering any grocery store in Egypt just a few days before the holy month, rows of people are seen queuing to stock up on Ramadan goods.
From almonds to dried apricots, to chicken, steak and molokheya, Egyptians know how to eat, especially during the month of fasting.
In fact, 55 percent of Egyptians spend more money during the holy month of Ramadan than any other month during the entire year, according to a recent study released and conducted on behalf of Visa.
Hadear Kandil, a 21-year-old Egyptian living with her parents and two siblings, said that her family enjoys stocking up on the usual Ramadan delicacies that include apricot paste, nuts, dates, pastries and of course the Egyptian favorite, molokheya.
“We don’t have to stock up food in our bellies after a day of fasting,” said Kandil. “But, I think it’s a pretty big deal to be able to sit with your family, that shared feeling of hunger and breaking your fast with them.”
Kandil added that another reason many people may stock up during the month is because of the “non-stop” iftar gatherings as many Egyptians like to invite friends and family to join them when they break their fast.
“When we invite over family, it’s usually a feast of food, and we eat all together, that’s important,” she added.
Conducted among 767 Egyptians across the country, the survey showed that people spend most on groceries, followed by charity, clothing, dining out and entertainment.
Kandil added that aside from breaking fast with family and loved ones, the holy month is also about giving charity, or zakat to those who are less fortunate.
She said that her and her family put together several bags of clothes to give to nearby orphanages as well as make iftar for their building’s doorman and his family.
Visa’s study also showed that out of the 55 percent who spend more during the holy month, 44 percent said they usually spend an extra 20-40 percent of their monthly salary.
While the study showed that over half of Egyptians claim they spend more during the month of Ramadan, 72 percent of the respondents said they do not spend more than what is “necessary,” which according to the study indicates that Egyptians do keep close attention to their spending throughout the month.
“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,” said Tarek Elhousseiny, general manager for Visa in North and West Africa,
Furthermore, 60 percent of those surveyed claim that they always follow a set monthly budget throughout the course of the year.
According to the study, this practice of budgeting showed to be more prevalent among older age groups with those who are 30 years old and above.
Elhousseiny also pointed out that organizing finances electronically during this month could prove to be more easy and efficient for consumers.
“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,” Elhousseiny said in a released statement.
“The management of personal finance is easier with digital currency and electronic payments. Given the current financial constraints that the Egyptian economy faces, it is more important than ever to reshape our behavioral and spending patterns.”
Elhousseiny added that managing one’s finances in a more systematic manner is vital.
“As we plan for the future of our society, more focus should be placed on planning and budgeting,” he added.
Among the respondents who admitted to spending more during Ramadan, 61 percent were male, while 49 percent were female.
Currently, Visa is working with local merchants to provide more electronic payments to the already available 30,000 in Egypt, which include ATM machines.
“Using your electronic payment card is not only more convenient and secure than using cash; it helps make budgeting during Ramadan effortless,” Elhousseiny pointed out.
Last month, the Chambers of Commerce in Cairo reported that many food prices during Ramadan would increase, as the cost of domestic raw materials rises by 50 percent.
Among these products are sugar, milk, yogurt, coffee beans, nuts, and meat, also affected by the traditional pressure on food costs in Ramadan.
According to Visa, the survey was conducted among 96 percent Egyptians and 4 percent expatriates, split evenly between females and males. Fifty-two percent of those surveyed where Cairo residents, while others who were polled responded from other cities across the country.
Those who responded were 40 percent among the 18-29 age group, 21 percent were in there thirties, and 39 percent were 40 or older.
