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Overview
Consumers are the lifeblood of the South African economy: more than 60% of the country’s GDP comes from household spending. As such, the health of the consumer wallet is integral to the country’s economic prosperity and social stability.
In this month’s South Africa Economic Outlook, we used data from PwC’s Voice of the Consumer Survey 2024 (published on July 11th) to look at economic aspects around South Africans’ fears for the country; spending behaviour and planned changes thereof; views and desires on mobility and transport; as well as concerns about extreme weather and climate change.
These factors help paint a picture of the financial health of the South African consumer and their thoughts about forthcoming expenditure.
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In this edition:
Listening to what consumers are saying
Local consumers speak out about inflation risks, transport options, spending plans, and climate concerns
While we are seeing some positive trends in the consumer market, South African shoppers are cautious about the economic outlook for the remainder of 2024 and heading into 2025. They will continue to be very price sensitive in their shopping activities and frequently compare prices across apps and shops to get the best deal—and will prioritise essential products over comfort and luxury goods.
For consumer-facing companies, this signals the importance of having deep knowledge of their customers and responding to their needs in order to deliver on expectations.
Key content in this report includes:
Threats and risks: Consumers are most worried about inflation and macroeconomic volatility.
Expenditure plans: Most shoppers plan to spend more on essential goods in the next 6 months.
Mobility options: Strong appetite for better public transport and electric vehicle (EV) ownership.
Business sustainability: Extreme weather requires companies to think about climate risks and opportunities.
How PwC is assisting its consumer-facing clients to put the right strategies in place to respond to and service the needs of today’s shoppers.
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Contact us
PwC Africa ESG Platform Leader, Strategy& and Chief Economist, Strategy& South Africa
Tel: +27 (0) 82 708 2330
