|  NEWS

We all like to brag with a new toy, gadget, or car. We won’t always admit it, but we buy these goods to show off a bit. As expats in Zimbabwe, these status symbols show that we are well off and ‘have arrived’. And why shouldn’t we? We have worked very hard to achieve our success and deserve to have the best. We call this conspicuous consumption.

Conspicuous consumption is the purchase of goods or services for the specific purpose of displaying one's wealth.  It is a means to show one's social status, especially when the goods and services publicly displayed are too expensive for other members of a person's class. *

This concept originated with the industrial revolution when the emerging middle class had more disposable income to spend on goods.

But it is not just about buying the best item in its class e.g. the latest smart phone, or newest sports car. Too many have the latest of everything and we need to step up to be noticed. It has evolved into exclusivity. The now seemingly boring status symbol of the latest product has evolved into special, limited or ‘one of a kind’ editions. 

The latest iPhone is no longer a unique product, now we need to have its casing made from titanium or encrusted with diamonds. The Mercedes S-Class needs to be a limited edition with 18-carat gold trimming on the dashboard.

This does sound very glamorous indeed, but at what cost? Where does it end? Conspicuous consumption has caused many a downfall for expats abroad. If you can afford it, then by all means continue, but overspending to impress is asking for trouble. 

If you answer yes to these questions, then your finances are potentially in trouble and could be on the verge of a major meltdown.

  • Are you always on the net searching for the latest trendy products and services?
  • Are you constantly comparing your lifestyle in Zimbabwe to those of your colleagues?
  • Do you use your credit cards to buy luxury items you can’t otherwise afford?
  • Do you go shopping first and then try to fit the budget into whatever remains?
  • Are you postponing saving for retirement because you never have money?

Seek the advice of your deVere financial adviser to help you get your finances back on track. [email protected]
* https://www.investopedia.com/

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.

News you might like

Markets

Zimbabwe overhauls securities laws to boost investment

Zimbabwe is currently amending its Securities and Exchange Commission (SECZ) laws so they are aligned with best practices.

Economy

World Bank urges Zimbabwe to boost formalisation

A recent report released by the World Bank urges Zimbabwe to offer incentives to officially registered businesses as part of efforts to overcome obstacles and boost productivity in the private sector.

Environment

Zimbabwe receives 13 projects within carbon credit initiative

Zimbabwe has received 13 applications for new carbon offset projects, underscoring the country's move towards environmental stability and economic diversification.

Economy

Zimbabwe’s 2024 growth forecast at 3.6%, says AfDB

Zimbabwe’s economy is within the range of the regional growth forecast for this year, according to the latest report by the African Development Bank (AfDB).

Markets

Steps to halt ZimDollar's decline on the way says President

President of Zimbabwe, Emmerson Mnangagwa, has signalled that measures will shortly be announced to halt the decline in the local currency

Markets

Zimbabwe Dollar plunges to new low

Zimbabwe’s currency fell to a new record low on Tuesday, declining past 10.160 per US Dollar in the spot market for the first time since 2019.

Markets

Zimbabwean Dollar plummets 40% on black market

The Zimbabwean Dollar has kicked off 2024 by falling over 40% on the parallel market as elevated demand for foreign exchange continues to exceed supply.

Economy

President forecasts Zimbabwe's economy will turn around in 2024

Zimbabwe's president forecasts the country's economy will turn around this year following the recent oil and gas discovery close to the border with Mozambique and Zambia,

Markets

RBZ urges govt incentives on diaspora investments

Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), called on the government on Monday to provide fiscal and non-fiscal incentives to diaspora investments due to their massive contribution to total foreign currency inflows in the country.

Economy

Zimbabwe’s annual inflation rises to 21.6% in November

Zimbabwe’s inflation continued to move up in November, with annual and monthly rates rising due to increasing accommodation, water, electricity and fuel costs.

Business

Zimbabwe’s banking sector loses 75% of jobs since 2000

Up to 75% of jobs have been lost in Zimbabwe’s banking sector since 2000, according to the Zimbabwe Banks and Allied Workers Union (ZIBAWU).

Economy

Zim Dollar stability to take priority in 2024 budget

Stabilising the Zimbabwe Dollar further and consolidating economic growth will be a main priority in the 2024 budget, according to Finance, Economic Development and Investment Promotion Minister,

Markets

Zimbabwe’s economy to grow 4.8% in 2023: IMF

Zimbabwe’s real GDP is forecast to grow 4.8% this year, bolstered by a strong performance in mining, as well as the positive impact of structural reforms in the country’s agriculture and energy sectors.

Economy

Zimbabwe seeks IMF staff-monitored programme by April

According to the country's finance minister, Zimbabwe hopes to agree on a new staff-monitored programme with the International Monetary Fund by April 2024.

Economy

RBZ unveils gold-backed digital currency

Zimbabwe’s central bank has unveiled a gold-backed digital currency aiming to increase the economy’s options in carrying out daily transactions and bolster the Zimbabwean Dollar (ZWL).

Economy

Zimbabwe keeps key rate unchanged at 150%

The Zimbabwe central bank held the benchmark interest rate at 150% for the second consecutive meeting on Thursday, according to Governor John Mangudya.

Politics

Zimbabwe’s new Cabinet facing uphill battle, says ZCPD leader

Zimbabwe’s new Cabinet sworn in this week faces an uphill struggle in dealing with the country’s economic challenges, said Zimbabwe Coalition for Peace and Development (ZCPD) leader Trust Chikohora.

Politics

Zimbabwe's President Mnangagwa sworn in for second term

President Emmerson Mnangagwa was sworn in on Monday for a second term after winning last month's election, as he vowed to bring millions of Zimbabwe's citizens out of poverty.

Politics

Zimbabwe's President Mnangagwa denies election fraud

Zimbabwe's re-elected President, Emmerson Mnangagwa, has been accused of "gigantic fraud" by an opposition leader

Business

Zimbabwe banks profitable in H1 2023

Banks in Zimbabwe reported aggregate profits of $4.55 trillion in the first six months of the year, predominantly fuelled by non-interest income which made up 92.51% of total income.

Markets

Zimbabwe aims to clear overseas debt by end of 2025

Zimbabwe's finance minister Mthuli Ncube says the country will do everything possible to clear its foreign debt by December 2025 in order to open new lines of credit to help revamp the economy

Politics

Zimbabwe commits to free and fair elections in August

​​​​​​​Zimbabwe is committed to providing free, transparent and credible elections next month, according to a statement on Monday by Minister of foreign affairs and international trade Fredrick Shava.

Economy

Opposition party leader vows economic prosperity in campaign launch

The main opposition leader in Zimbabwe, Nelson Chamisa, has pledged economic prosperity and no more corruption during the launch of his party's campaign

Markets

Zimbabwe’s inflation rises to 176% in June

Zimbabwe’s blended consumer price index increased 175.8% in June from 86.5% in May

Markets

Zimbabwe overhauls securities laws to boost investment

Zimbabwe is currently amending its Securities and Exchange Commission (SECZ) laws so they are aligned with best practices.

Economy

World Bank urges Zimbabwe to boost formalisation

A recent report released by the World Bank urges Zimbabwe to offer incentives to officially registered businesses as part of efforts to overcome obstacles and boost productivity in the private sector.

Environment

Zimbabwe receives 13 projects within carbon credit initiative

Zimbabwe has received 13 applications for new carbon offset projects, underscoring the country's move towards environmental stability and economic diversification.

Economy

Zimbabwe’s 2024 growth forecast at 3.6%, says AfDB

Zimbabwe’s economy is within the range of the regional growth forecast for this year, according to the latest report by the African Development Bank (AfDB).

Markets

Steps to halt ZimDollar's decline on the way says President

President of Zimbabwe, Emmerson Mnangagwa, has signalled that measures will shortly be announced to halt the decline in the local currency

Markets

Zimbabwe Dollar plunges to new low

Zimbabwe’s currency fell to a new record low on Tuesday, declining past 10.160 per US Dollar in the spot market for the first time since 2019.

Markets

Zimbabwean Dollar plummets 40% on black market

The Zimbabwean Dollar has kicked off 2024 by falling over 40% on the parallel market as elevated demand for foreign exchange continues to exceed supply.

Economy

President forecasts Zimbabwe's economy will turn around in 2024

Zimbabwe's president forecasts the country's economy will turn around this year following the recent oil and gas discovery close to the border with Mozambique and Zambia,

Markets

RBZ urges govt incentives on diaspora investments

Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), called on the government on Monday to provide fiscal and non-fiscal incentives to diaspora investments due to their massive contribution to total foreign currency inflows in the country.

Economy

Zimbabwe’s annual inflation rises to 21.6% in November

Zimbabwe’s inflation continued to move up in November, with annual and monthly rates rising due to increasing accommodation, water, electricity and fuel costs.

Business

Zimbabwe’s banking sector loses 75% of jobs since 2000

Up to 75% of jobs have been lost in Zimbabwe’s banking sector since 2000, according to the Zimbabwe Banks and Allied Workers Union (ZIBAWU).

Economy

Zim Dollar stability to take priority in 2024 budget

Stabilising the Zimbabwe Dollar further and consolidating economic growth will be a main priority in the 2024 budget, according to Finance, Economic Development and Investment Promotion Minister,

Markets

Zimbabwe’s economy to grow 4.8% in 2023: IMF

Zimbabwe’s real GDP is forecast to grow 4.8% this year, bolstered by a strong performance in mining, as well as the positive impact of structural reforms in the country’s agriculture and energy sectors.

Economy

Zimbabwe seeks IMF staff-monitored programme by April

According to the country's finance minister, Zimbabwe hopes to agree on a new staff-monitored programme with the International Monetary Fund by April 2024.

Economy

RBZ unveils gold-backed digital currency

Zimbabwe’s central bank has unveiled a gold-backed digital currency aiming to increase the economy’s options in carrying out daily transactions and bolster the Zimbabwean Dollar (ZWL).

Economy

Zimbabwe keeps key rate unchanged at 150%

The Zimbabwe central bank held the benchmark interest rate at 150% for the second consecutive meeting on Thursday, according to Governor John Mangudya.

Politics

Zimbabwe’s new Cabinet facing uphill battle, says ZCPD leader

Zimbabwe’s new Cabinet sworn in this week faces an uphill struggle in dealing with the country’s economic challenges, said Zimbabwe Coalition for Peace and Development (ZCPD) leader Trust Chikohora.

Politics

Zimbabwe's President Mnangagwa sworn in for second term

President Emmerson Mnangagwa was sworn in on Monday for a second term after winning last month's election, as he vowed to bring millions of Zimbabwe's citizens out of poverty.

Politics

Zimbabwe's President Mnangagwa denies election fraud

Zimbabwe's re-elected President, Emmerson Mnangagwa, has been accused of "gigantic fraud" by an opposition leader

Business

Zimbabwe banks profitable in H1 2023

Banks in Zimbabwe reported aggregate profits of $4.55 trillion in the first six months of the year, predominantly fuelled by non-interest income which made up 92.51% of total income.

Markets

Zimbabwe aims to clear overseas debt by end of 2025

Zimbabwe's finance minister Mthuli Ncube says the country will do everything possible to clear its foreign debt by December 2025 in order to open new lines of credit to help revamp the economy

Politics

Zimbabwe commits to free and fair elections in August

​​​​​​​Zimbabwe is committed to providing free, transparent and credible elections next month, according to a statement on Monday by Minister of foreign affairs and international trade Fredrick Shava.

Economy

Opposition party leader vows economic prosperity in campaign launch

The main opposition leader in Zimbabwe, Nelson Chamisa, has pledged economic prosperity and no more corruption during the launch of his party's campaign

Markets

Zimbabwe’s inflation rises to 176% in June

Zimbabwe’s blended consumer price index increased 175.8% in June from 86.5% in May

Media contact

deVere Zimbabwe’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines. Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Zimbabwe’s Head of Public Relations on [email protected] or call +44 2071220925