NielsenIQ finds that 41% of South Africans feel they are in a worse financial position compared with a year ago, although this is fairly in line with the global average of 40%. Of those respondents, 74% are increasingly burdened by the high cost of ...
” shows that volatility in everything from prices to weather events has created unsettled consumers who, having just lived through recent inflation highs — and not knowing when to brace for the next set of extreme circumstances — are displaying a caution that is likely to linger for some time.37% of consumers are expecting the economic downturn to last for 12 months or more, with 26% claiming they only have enough money for food, shelter and the basics.
Transport costs are among the top category that consumers plan to spend more on in 2023 compared to the previous year, and, interestingly, even with the additional burdens on family spending, consumers are still planning to spend as much on groceries and household items in 2023 as before . 32% have also turned to online shopping to get better deals, save on petrol and minimise trips to stores.
“A pick-up in sentiment, and accordingly investment, is needed to drive sustainable growth and significant job creation,” she says.
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