CONSUMER SPENDING POWER-CUTS

Amidst a financial pressure cooker and a continued barrage of power cuts, the 2023 NIQ Consumer Outlook Report for South Africa has found that 70% of surveyed consumers already feel like they are living in a recession while 76% say that increased costs of living are to blame for their recent financial struggles. Interestingly, even with the additional burdens on family spending, local consumers still plan to spend as much on groceries and household items in 2023 as they did before. To achieve this sustained lifestyle, South Africans are deploying tactical manoeuvres by adapting their spending habits to counter growing price pressures.