Easter on the move: Where to splurge, where to save

From weekend trips to family visits, here’s how holiday habits shape spending and how you can enjoy the perks without breaking the bank (Photo: Gemini)

Spending habits change during the Easter holidays, from basic needs to parties. Financial literacy expert Patrick Wameyo explains how Easter tourism influences these patterns of spending and business activity.

“Easter is a time for movement,” he says. People visit new places and revisit familiar locations, such as their family homes in their villages. Therefore, the sector that benefits the most is the travel industry, whether by air, land or sea.

He adds that transport enables tourism earnings by facilitating movement to different destinations where money will be spent.

Apart from homes, the final destination is guest houses, Airbnbs and hotels, making this the next sector to experience high demand during this season. Another sector that experiences higher sales is businesses at stop-off points.

The events and entertainment sector also records increased gains.

“They are part of what attracts tourists to a place. An event happening around Easter brings a market in one location that would otherwise not be there,” he indicates.

Patrick clarifies that there is no single product that sells best during Easter. However, he continues, local and international tourists are always looking for sentimental items from their destinations. “People buy based on their wants and needs. It is up to businesses to identify and match the needs of their clients,” he advises.

Suppliers, he observes, can benefit during Easter if they position themselves where they can be found and price their products in a manner that reflects value.

Increase prices only when the demand is higher and the supply is lower than on normal days. He gives an example of long routes to the village, where prices increase as more people move along those routes.

Informal traders, therefore, are enjoying high profits this season since many of them move around to sell. Formal traders, he explains, have to wait for a client to go to their shop. If the route to your business has more people selling, you benefit less unless there is transport that takes clients to your shop.

“The location of a business shouldn’t be seasonal, but should be about the kind of client you need. You shouldn’t be far from the road when what you sell should be accessed near the road,” he mentions.

Other than the possibility of fake currencies, there are no risks associated with peak seasons only. Fake currencies are a risk you face all year round, but the risk increases when there are a lot of people.

For those just starting, he advises getting to know your target market. If your business targets Easter and is only needed at Easter, it won’t be viable in the other months. However, if it is a long-term business, it will work just fine because Easter will confirm the success of your product.

Starting or growing your business at Easter also requires planning in advance. Planning in terms of finances, personnel and other resources will enable you to achieve more. You will also need to build awareness of the goods and services you offer strategically.

“The gains from Easter tourism are temporary. You have a surge of demand; therefore, you get extra profits in a week that you won’t get regularly,” he says.