Nigerians and Ghanaians are most stressed by rising cost of living

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.”