State of the Retail Nation Q3: Consumer confidence starts to recover ahead of Black Friday
NIQ South Africa has released its latest State of the Retail Nation analysis for the first nine months of 2024, showing healthy revenue prospects for the FMCG and Tech & Durables retail sectors. The report highlights a positive shift in consumer sentiment throughout the year, setting the stage for healthy sales growth during the Black Friday and festive season periods.
NIQ’s data shows that 42% of South African consumers believe they are in a better financial position than they were a year ago. However, higher costs of living, low wage growth and unemployment continue to be a challenge for many. Among the 33% that report they feel worse off, the reasons for this sentiment included increased living costs (80%), the economic slowdown (54%), and concerns regarding job security (39%).
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