Most South African consumers are very concerned about inflation

Grocery inflation is a particular concern

The largest concern is around groceries, where 78% of South Africans believe prices are higher compared to last month.

People are also concerned about their savings, with 79% of SA respondents mentioning this. Similarly, there has been a rise in the number of consumers who are delaying large purchases. Last year, 51% said they had done so. This year, the figure is 64%.

“Consumers are increasingly confident in the safety of various day-to-day activities, although we’re not seeing a rise in their spending priorities,” said Rodger George, Africa Consumer Industry Leader at Deloitte.

“The data also shows us that consumers are becoming increasingly concerned about rising prices and the context of the new Omicron variant. This puts a grey cloud over South Africans’ pent-up demand, desire to socialise, and to resume traditional spending habits during the Festive Season.”

When it comes to personal household finance, there’s a contrast in how South Africans feel now, versus their future prospects. South Africans are currently the fourth most financially anxious consumers of the markets surveyed, yet three in four respondents said they were optimistic about their long-term financial situation. This is far above the 49% global average for optimism.