Consumers in Africa have different priorities across the continent but getting back on track financially is key
Two years on, the effects of the pandemic are still with us. As African consumers are adapting to the new normal, recovering from the initial shock of the virus has been given top priority. The pandemic saw a few lifestyle changes in Africans. There was a negative shift in consumer spending due to the uncertainties associated with it; consumers preferred durable goods compared to luxury goods. On the health and wellness front, Africans became more conscious of their health to avoid contracting the virus. Early in the year, Kasi Insights’ consumer sentiment index recorded an all-time high that highlighted the willingness of the African consumer to bounce back from the pandemic.
Our Kasi Insight tracker Lifestyles in Africa- Covid19 Impact conducted quarterly, assessed 53,922 respondents across 7 different markets since January 2020. The dataset provides an understanding of the lifestyle changes brought about by COVID-19 and what consumers are prioritizing moving forward as Africa recovers.
When respondents were asked whether the pandemic had impacted their daily routine or lifestyle, 64% of them agreed, 27% denied while 9% had no idea. On further questioning, respondents were asked what their priority is for the next 3 to 6 months. Across the seven markets assessed, there was a consensus on the top two priorities; staying well and healthy and earning more money.
However, retailers need to pay keen attention to differences that emerge across the seven different markets.
Ghanaians are more financially conscious. They rank saving, budgeting, and cutting down expenses as first priority while staying well and healthy rank second.
In Kenya where consumers rank staying well and healthy first, stress management came second; the pandemic was a stressor for the majority of them.
Cameroon, South Africa, and Ivory Coast where consumers rank staying healthy and earning more money top, they also rank paying off debts third. The pandemic was characterized by a lot of borrowing to stay afloat, and the recovery process involves paying them off.
While women prioritize staying healthy, their men counterparts prefer earning more money. Interestingly, when it comes to different age groups, Gen Z (18-24 years) prefers staying healthy. Millennials (25-34 years) prioritize making more money, Baby Boomers (45+ years) prioritize saving, budgeting, and reducing expenses while Gen X (35-44 years) preferred paying off their debts.
African consumers are gradually adapting to the new normal. The good news is consumer confidence levels have increased and recovered from the pandemic lows. The economic impact of the pandemic is still being felt by consumers. Consequently, Africans are prioritizing earning more money which will, in turn, impact their spending habits. This is great news for retailers as they could leverage this information to make informed decisions that will positively impact their sales.
Our data intelligence platform can help you track these trends in consumer behaviors in Africa over time. This provides you with valuable insights that can help you or your business make fast data-driven decisions.
Contact our team today to explore how our consumer intelligence can empower your decision-making process. Win with confidence with Kasi insights https://www.kasiinsight.com/thehub
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