South Africa’s cash-strapped consumers are driving the growth of bread sales as rising inflation forces them to cut down on expensive protein options, according to market research company NielsenIQ.
Business Insider SAMale customer in casual clothes examining bottle of oil while standing near shelves in supermarket.
According to NielsenIQ’s latest State of the Retail Nation Report, bread value sales increased 33% in the four weeks to 8 July, compared to the prior month, despite inflation for the category shooting to 14%. “This is the third month we have seen a significant rise in bread sales indicating that consumers continue to forgo more expensive protein options in favour of cheaper staples,” Nooy said.
"…Many of the Living Standards Measure groups have already cut back so much that they have no more room to manoeuvre,” Nooy said, speaking about the inflation outlook. Cooking oil inflation surged to 45% due to increases in raw materials during the period. Despite that, sales increased 43% while the number of units sold decreased by 2%.
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