CONSUMER STRESS

Nigerians and Ghanaians are most stressed by rising cost of living

By our African Marketing Confederation News Team | 2024

Widespread economic anxiety is reshaping consumer behaviour and purchasing patterns, with ‘profound implications’ for FMCG industry.

People living in Nigeria and Ghana have emerged as the countries most stressed by inflation, with an overwhelming 81% and 77% of respondents respectively reporting high levels of stress due to rising living costs.

Happy about their football, but Nigerians are stressed about living costs. Photo: AMISOM Public Information

 

Kenyans (61%), Tanzanians (59%), Ugandans and Tunisians (both 51%) are also highly stressed by economic circumstances in their countries.  

 

Those in South Africa and DRC are least stressed (both 2%). Also showing low stress are residents of Egypt (6%), Senegal and Congo (both 7%). 

 

These are the findings of the latest ‘Africa Inflation Stress’ study conducted by Kenyan-based insights company Kasi Insight, and Ghanaian insights consultancy Maverick Research. The results are for the first quarter of 2024. 

 

The average stress level across the 21 African countries measured is 34%, with only 10 countries being below this average. 

 

Reshaping consumer behaviour and purchasing patterns 

 

“This widespread economic anxiety is reshaping consumer behaviour and purchasing patterns,” say the researchers. 

 

“For the FMCG industry, the implications are profound. With such high stress levels, consumers are likely to become more price-sensitive, prioritising essential goods over discretionary spending. Brands might see a shift towards lower-cost alternatives or reduced consumption altogether.” 

 

The research team continues: “The crucial question remains: How long can consumers keep the mask on? As stress from inflation continues to rise, the resilience of both consumers and businesses will be tested.  

 

“The FMCG industry must brace itself for these changes and adapt proactively to support and retain its consumer base.” 

 

Comments Yannick Lefang, Founder and CEO at Kasi Insight: “Consumers are usually feeling the brunt of economic headwinds; costs are passed on to them, taxes are passed on them, and so on.  

 

“It’s time governments and brands become more sensitive and connected. Who is protecting people? There may not be a consumer left very soon. There has never been a more important time to be consumer-centric.”

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.