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As South Africans began 2023 experiencing a quarter of every day without electricity, coupled with rising interest rates and a weakening currency, it seems the significant pressure consumers were feeling at the end of last year has only escalated.
The Eighty20/XDS Credit Stress Report for the first quarter of 2023 looks at the impact of economic forces on the South African consumer, with particular focus on their credit behaviour.
The Quarterly Labour Force Survey (QLFS) data was released this week showing that the official unemployment rate increased by 0.2 of a percentage point (just over half a percent) from 32.7%
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The South African beauty and personal care market is valued at about R70 billion, with the fragrance, skincare and cosmetics categories expected to grow about 10% in 2023.
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Highlighting the women who make up our Eighty20 National Segmentation (ENS). The ENS segments the 42m adult South Africans into 8 homogenous groups and 46 sub-segments that provide insight into South African consumer behaviour.
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As South Africans continue to feel the crunch from the cost of living crisis, many are looking at loyalty programmes as their saving grace.
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