The main concerns relate to inflation, with the UN’s Food and Agriculture Organization (FAO) forecasting prices of necessities such as food and oil prices to increase by 28% this year.
Half of the report respondents (48%) believe that their respective country’s economic conditions will stay the same over the next six months. The same sentiment is also shown when looking at expectations around household income. Majority of the consumers surveyed (45%) expect their household income to remain unchanged over the next six months.
When examining the financial impact further, households are finding it difficult to find a job (52%) and earn money (38%).
Gen Z are the most optimistic about their household income with 42% expecting an improvement compared to 34% of Baby Boomers. Baby Boomers are the most optimistic about having enough money to buy necessities (48%) compared to 23% of Gen Z. The same is true for discretionary spending with 28% of Baby Boomers looking to make large purchase compared to 18% of Gen Z.
On the job market and business front, there are shared difficulties with 11% of Baby Boomers finding it easy to source a job compared to 5% of Gen Zs. When it comes to making money, 8% of Gen Zs and Baby Boomers are finding it easier - the only thing they seem to agree on.
To win in the world’s fastest-growing market, business and financial leaders need to have better visibility on the realities of Africa’s economies, markets, and communities through the lens of consumers.
“Africa is evolving fast, and the data must match this for business leaders to remain competitive, in touch with consumer challenges, interests and needs and make informed business decisions,” comments Kasi Insight's CEO Yannick Lefang.