South Africa's fast-moving consumer goods (FMCG) sector is growing, but that's not because we're consuming more; it's because consumers are tightening their belts.
The latest NielsenIQ State of the Nation Report, based on barcode-level information of about 100,000 FMCG products scanned at 10,000 modern trade stores, shows the sector has grown by 13.4%, largely driven by higher prices and not growth in consumption.
Consumers are adapting their use of staples and cutting back on snacks.
The South African FMCG sector (including liquor and tobacco) is worth about R593bn in annual sales, which is up 13.4% year on year.
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