In the current dynamic market landscape, the importance of comprehending youth behavior and preferences is paramount, particularly in Africa – the youngest continent. With a burgeoning youth population in Africa, a pivotal window emerges for monitoring and dissecting their consumer trends and choices. As a rising cohort of consumers, African youth aged between 18-24 years are positioned to reshape market dynamics and propel industries forward. Within this context, the Kasi Insight’s cost of living tracker addresses the effects of inflation crisis on Africans, gauging their perspectives on the escalating costs of daily essentials within their nations. This tracker offers insights into how heightened living expenses impact the spending habits this demographic.
Ghanaian youth prioritize value for money products amidst inflationary pressures.
According to the tracker, 69% of the youths surveyed are grappling with the rising costs of living. Similarly, 69% are concerned with government corruption. This points to the deep-seated apprehensions about the integrity and transparency of governmental institutions. Lastly 33% are concerned with political instability. Political instability can have far-reaching consequences. It can undermine investor confidence, disrupt economic growth, and pose challenges to diplomatic relations.
When dealing with this challenge of soaring prices, a clear gender-based trend emerges. Females take the lead with 73% in adjusting their purchasing behaviors, outpacing their male counterparts at 67%. This highlights women’s proactive role in reshaping their consumption patterns to navigate prevailing economic challenges. When it comes to seeking affordable options, a subtle yet significant difference comes to light. Here, a slightly larger proportion of males (63%) than females (60%) opt for the economical path, underscoring a trend where men lean towards budget-conscious choices. The gender contrast remains apparent when considering the pursuit of sales and promotions. A considerable 59% of females embrace this strategy, compared to a modest 40% of males, shedding light on women’s inclination to actively search for chances to cut costs.
Shifting focus to delaying non-essential purchases, a nuanced gender difference becomes apparent. 48% of males and 52% of females exhibit this inclination, suggesting a mutual prioritization of essential expenses. Concerning implementing lifestyle changes to mitigate costs, 46% of females and 37% of males adopt this approach, indicating that women are more willing to adjust their way of life to manage expenses.
Ghanaian youth slow down on non-essential purchases.
It is evident that the youth, in general, have adopted a set of key adjustments to navigate the impact of rising prices. Foremost among these changes is the reduction in eating out at restaurants, reflecting a collective awareness of the need to curtail discretionary spending. This shift is followed closely by a notable inclination to stockpile local organic foods that are economically viable, showcasing a dual commitment to health-conscious choices and financial prudence. Additionally, a significant trend emerges wherein individuals are opting to purchase fewer produce items, possibly indicating a strategic approach to managing grocery expenses.
Females largely mirror the general trend, as they also prioritize eating out less and gravitate towards accumulating affordable local organic foods. However, in their third-ranked preference, females show a particular inclination towards purchasing less meat. On the other hand, males exhibit a parallel alignment with the overarching trend by ranking the reduction of dining out and stocking up on budget-friendly local organic foods at the forefront. This underscores a consistent mindset across genders to optimize spending through these adaptable strategies.
By crafting strategies that align with Ghanaian youth, brands can effectively connect with this segment and build stronger relationships.
With a significant proportion (69%) of youths grappling with the rising costs of living, brands can align their messaging and offerings to address these concerns. Highlighting affordability, value, and cost-saving benefits can resonate with this audience. Brands that offer budget-friendly options or emphasize value for money can capture the attention of youth facing financial constraints.
Additionally, gender-based differences in purchasing behaviors offer insights for brands to tailor their marketing approaches. Recognizing that females are more proactive in adjusting their habits and seeking sales brands can engage with female consumers by highlighting cost-saving solutions, personalized recommendations, and discounts. With both genders displaying an inclination to delay non-essential purchases, brands can consider flexible payment plans, instalment options, or seasonal discounts to accommodate these preferences.
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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