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ECONOMIC DOWNTURN CHANGES SOUTH AFRICA’S BUYING PATTERNS

A groundbreaking new research study conducted by the UCT Unilever Institute of Strategic Marketing and their research partner Bateleur Khanya Research Solutions (BKRS) on the impact the current economic crisis is having on local consumer behavior, has revealed some interesting facts.

  • 60% of South Africans are worried about the future
  • This fear is fuelling a considerable change in their buying habits
  • 50% are worried about losing their jobs
  • 45% feel under financial pressure
  • 76% say they are more cautious with their spending as a result of the recession
  • 42% spend more time at home
  • 33% say the recession is putting a strain on their personal relationships
  • 65% plan shopping more carefully
  • 60% say they are spending less on themselves
  • 57% say they are less likely to buy an unplanned item.

The researchers believe that this significant change in behavioural spending patterns should be taken seriously by business and retailers and their marketing strategies revised accordingly.

 
Links

THE IMPACT OF THE CONSUMER ACT ON FRANCHISING
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COMPETITION COMMISSION TO INVESTIGATE SUPERMARKET CHAINS
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SMALLER SHOPPING MALLS FEELING THE PINCH

 
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