- A recently-conducted survey has revealed that South African consumers are obsessed with getting discounts on products
- The results of the survey revealed that this passion for discounted goods may be starting to negatively affect producers
- It was also revealed that South Africa has one of the highest amount of discounted goods sales in the world
A recent survey undertaken by Nielsen, an international research agency, has uncovered just how much South Africans like a good retail sale.
The survey found that South Africans are “obsessed” with discounts, The Daily Sun reported.
Nielsen also pointed out that this drive to purchase discounted goods is beginning to adversely affect shops and producers.
According to the international research agency, in SA, 30% of all fast-moving consumer products were sold on sale at a discounted price last year.
This has proven to be one of the highest rates of discounted consuming in the world, Briefly.co.za discovered.
Nielsen Connect South Africa MD, Kerith Botha, explained that this love for discounted shopping may be linked to the rising prices in SA, especially the increasing fuel prices and higher taxes.
Increasing expenses for South Africans are also linked to a desire to never miss out on a good deal.
“(Financial strain) has led to consumers seeking financial relief and the first casualty of their desire to ease their financial strain is discretionary spending, which has taken a toll on their grocery baskets. Unfortunately, this ‘money’s too tight to mention’ scenario has also seen South African shoppers prone to severe cases of Promo FOMO (fear of missing out)," Botha explained.
Botha also went on to outline how shopping on sale, intended to be a positive promotional tool for businesses, has begun to backfire on retailers.
The more promotions, the less consumers will be willing to purchase an item when it is at its original price.
"In effect, consumers are being trained to buy on promotion," Botha said.
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