99% have changed their FMCG shopping habits to save money
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GUEST- Zak Haeri, MD for NIQ in South Africa
According to NIQ, 44% of South African consumers feel they are in a worse financial position this year compared to a year ago. Of those respondents, 82% say that increased costs of living are to blame for their recent financial struggles, up from 76% a year ago. Nearly two-thirds (62%) state they are worse off due to the economic slowdown, up from 57% a year ago.
Half (50%) of respondents report concerns about job security, up from 43% a year. Some 27% blame ongoing Covid-19 disruptions and setbacks for their financial situation, down from 45% a year back. These findings appeared in “Consumer Outlook 2024", the latest NIQ Thought Leadership report capturing the mindset and sentiment of consumers around the world. The report shows that South African consumers across the board are tightening their belts. Nearly all (99%) have changed their FMCG shopping habits. Downgrading from premium to mainstream or value products is one of the most widely adopted strategies. Nearly half (48%) have switched to lower priced options.
According to NIQ, 44% of South African consumers feel they are in a worse financial position this year compared to a year ago. Of those respondents, 82% say that increased costs of living are to blame for their recent financial struggles, up from 76% a year ago. Nearly two-thirds (62%) state they are worse off due to the economic slowdown, up from 57% a year ago.
Half (50%) of respondents report concerns about job security, up from 43% a year. Some 27% blame ongoing Covid-19 disruptions and setbacks for their financial situation, down from 45% a year back. These findings appeared in “Consumer Outlook 2024", the latest NIQ Thought Leadership report capturing the mindset and sentiment of consumers around the world. The report shows that South African consumers across the board are tightening their belts. Nearly all (99%) have changed their FMCG shopping habits. Downgrading from premium to mainstream or value products is one of the most widely adopted strategies. Nearly half (48%) have switched to lower priced options.
