For Better Or Worse: How African and Middle East Consumer Spending Is Evolving?
Around the world, consumers are growing increasingly optimistic about their financial wellbeing, particularly in developing markets throughout Asia-Pacific, Africa & Middle East and Latin America. Globally, 58%of global consumers feel they are better off financially than they were five years ago, with around half of consumers (52%) in Africa and the Middle East regions feeling positive toward their current situation. However, a sizeable proportion of consumers feel that they are in survival mode, with sentiment differing considerably by region and country.
Consumers’ perceptions of their personal financial situation play a role in influencing their purchasing behavior. Due to changing aspirations or priorities, or reactively, due to factors such as inflation, consumers are proactively adapting their overall wallet allocation on fixed and discretionary expenses. In our recent webinar on this topic, we shared that the largest proportion of consumers in Africa and the Middle East regions (50%) indicate that the amount they spend on groceries has increased over the past five years. While consumers are often cost-conscious and look for bargains, they are willing to pay a premium for certain categories. Consumers in Africa and the Middle East are most willing to pay a premium for clothing/shoes (43%).
For more insights, download our Changing Consumer Prosperity report. The following infographic is also available for the regions Asia Pacific, Europe, Latin America, North America and with a Global view.