A recent survey by our friends at research outfit Daymon has established that customers in South Africa were “extremely worried” about the expected price increases brought by inflation, measuring 9.4 on the 10-point Likert scale, and that this is causing them to rethink their current lifestyle and purchasing behaviours. Some customers note that their anxiety is driven by inflation and concerns in some households about being supported by single salaries, experiencing reduced buying power, and unemployment. Some customers said they would need to consider moving back home to their parents or family or that they would likely be living hand-to-mouth. Customer concerns are real and are becoming more pressing in the current economic climate. Retailers, manufacturers, and brands need to consider critical strategies to bring value to the customer, for differentiation, loyalty and profitability, by using promotional tactics, loyalty cards, in-store execution and affordable price points.
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