Competition should keep prices in check, CAC says
published: Sunday | September 28, 2003
Dennise Williams, Staff Reporter
"THE CONSUMER Affairs Commission (CAC) hopes that increased competition will result in businesses adjusting and re-focusing their resources to secure patronage, instead of passing on the cost to consumers to protect profit margins."
So said the Government consumer watchdog agency in response to remarks made by several key retailers in the Financial Gleaner on September 19, 2003. While acknowledging that businesses face many challenges, "the CAC is not of the opinion that prices must increase at Christmas. The Commission believes that continued competition as currently exists in the telecommunications, tourism and retail sectors might impact prices, to the benefit of all consumers." However, consumers must become careful in their shopping. While Christmas is some months away, it is never too early to have a plan and consider the best way to enjoy the season without going broke.
Here are some tips offered by the CAC that is specifically aimed at the upcoming merry season, but can be applied right now and any other time of the year.
Review your financial positions and create a budget.
List and prioritise expenses
Stick to your list and avoid impulsive buys.
Carefully examine furniture and other household items to see what can be used for a while longer, what needs to be repaired and what needs to be replaced.
Select less costly gift options, such as writing a letter of appreciation.
Sensitise children to other aspects of Christmas, not just getting presents.
Plan and save for the New Year.
Shop around and explore your options locally and overseas. In the latter, the Internet is particularly helpful.
Whenever feasible, buy Jamaican-made and manufactured products.
