With no end in sight to the rising cost of living for South African consumers, shopping and spending habits continue are shifting as cost-saving becomes increasingly imperative, says retail group Massmart.
Massmart owns a number of retailers and wholesalers in South Africa including Builders Warehouse Cambridge Food, Game, Jumbo Cash & Carry, Makro and Shield. The group noted that the rising pressure on their wallets is pushing consumers to buy more private brand products as part of their routine shopping trips.
McKinsey’s most recent Global Consumer Sentiment Survey found that 61% of South African consumers, across income levels, are cutting back on spending, with 70% of respondents paying more attention to the price of products. Traditionally, popular private brand products included staples and household cleaning supplies but research conducted from Nielsen HQ shows private label products now represent 24% of total basket value in South Africa.
With inflation eroding consumer buying power, private brands in the food category have experienced most of the increased demand, Massmart said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Africa Day: EFF calls for removal of the French presence in Africa | The CitizenThe party picketed in front of the French embassy and handed over a list of demands.
Read more »
Africa Day: Calls for Africa to free itself from donor dependency | The CitizenThe Covid-19 pandemic has forced countries to prioritise domestic needs over international aid.
Read more »
Africa Day: It's time young minds take charge to lead Africa out of misery | The CitizenAfrica’s leaders are tired, old and moribund in their thinking.
Read more »
South Africa: Here’s how to help people left homeless by Cape Town’s Joe Slovo fireA month after the Easter weekend fire in Joe Slovo informal settlement in the Western Cape, thousands of people are still displaced. National and local NGOs and businesses are working to provide the fire victims with food, clothing and other essentials.
Read more »
South Africa has new rules for failing banks – and what happens to your moneySouth Africa is revamping its processes for placing troubled financial institutions under administration, with the central bank playing a pivotal role.
Read more »
South Africa almost twice as likely to see another recession as in January | The CitizenA recession could be on the cards for South Africa and the world if the war in Ukraine does not end soon.
Read more »