A new report shows South African consumers are feeling battered by the cost of living.
New data shows that almost half of South Africans feel they are in a worse financial position than they were at the same time in 2023, with the cost of food being their biggest concern going forward.
The report shows that South African consumers across the board are tightening their belts, with nearly all having changed their shopping habits in light of the cost of living hikes in South Africa.44% of South African consumers feel they are in a worse financial position this year compared to a year ago.
Additionally, Nearly half stock up or buy in bulk when their preferred products are on sale or promotion; 31% are buying larger package sizes. The report noted that South African consumers have lived through several years of load shedding, rising costs and slow economic growth, and this is starting to filter through to everyday South Africans.South Africans flagged increasing food prices as their biggest concern over the next six months.This concern for food prices in South Africa is warranted when considering the move of price tags of food items over the past five years.
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