{"id":592369,"date":"2023-08-03T00:00:00","date_gmt":"2023-08-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/03\/tracking-egyptian-consumer-behavior-among-rising-inflationary-pressures\/"},"modified":"2023-08-03T00:00:00","modified_gmt":"2023-08-03T00:00:00","slug":"tracking-egyptian-consumer-behavior-among-rising-inflationary-pressures","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/03\/tracking-egyptian-consumer-behavior-among-rising-inflationary-pressures\/","title":{"rendered":"Tracking Egyptian consumer behavior among rising inflationary pressures"},"content":{"rendered":"

Where Egyptians are putting their money as inflation + a weaker currency bite:<\/strong> With rising inflationary pressures cutting down on disposable income among Egyptians, consumer behavior has shifted to prioritize their spending and make more strategic choices to sustain their lifestyles, according to NielsenIQ\u2019s 1Q 2023 State of the Retail Nation report (pdf)<\/a>. While the value of consumer spending is rising, more or less the same volume of products are being bought, leading to the Egyptian FMCG market seeing a sales value growth of 45.3% y-o-y.<\/p>\n

The key takeaway: <\/strong>Egyptian consumers are spending more on the same amount of goods, but are less willing to spend on out-of-home purchases such as dining and entertainment, clothing, and home improvement. However, they are spending more (not necessarily willingly) on utilities, fresh produce and fresh groceries, health and wellness goods and services, transportation costs, and education.<\/p>\n

REMEMBER- Inflation has been accelerating for the past several months<\/strong>, rising at its fastest-ever rate in June on the back of the impact of multiple currency devaluations combined with higher seasonal demand. Annual urban inflation hit 35.7% y-o-y during the month, while Core inflation \u2014 which strips out volatile items such as food and fuel \u2014 accelerated to 41.0% in June from 40.3% the month before.<\/p>\n

WHERE IS THE MONEY GOING?<\/strong> Food and groceries constitute the largest portion of Egyptian consumer expenditures. Categories like dairy and snacking have seen sales volumes decline, but the consumption of ambient food and beverages (products that can be stored unrefrigerated) has increased ever so slightly, indicating a shift towards essential spending and a preference for in-home consumption. This includes the reduction of expenses going towards out-of-home dining and entertainment as well.<\/p>\n

Over 50% of Egyptian consumers report their top concern <\/strong>as the<\/strong> increasing food and<\/strong> grocery prices<\/strong>, which constitutes the largest portion of their expenses. This has led to a significant shift towards the consumption of local products, seen in 43% of the categories tracked by NIQ. This is especially true within consumption of categories like detergents, noodles, biscuits, skincare, cheese, and ice cream. This shift is supported by the cost competitiveness of Egyptian manufacturers, 58% of which are cheaper compared to their global counterparts.<\/p>\n

Other concerns plaguing Egyptian consumers<\/strong> are, in descending order, utility costs, economic downturn, and fuel and transportation expenses, although the FMCG market volume remains stable. On the whole, Egyptian consumers are less pessimistic than the global average: Whereas nearly half of global consumers (48%) expect current recessionary trends to persist for longer than one year, that figure falls to 37% in Egypt. That doesn\u2019t quite mesh with the findings of our 2023 Enterprise Reader Poll<\/a>, which found that 38% of respondents see conditions improving over the course of 2023, while 37% don\u2019t see that happening \u2014 and a quarter are uncertain about what the year holds in store.<\/p>\n

Egyptian consumers limiting their discretionary spending<\/strong>, with 50% cutting expenditures going towards holidays, food delivery\/takeaway, and out-of-home entertainment. However, 39% of the consumers understand that they will be spending more on education, putting us 10 points ahead of the global average. More than 30% of the consumers also expect to spend more on fresh grocery products as well, which comprises the highest portion of Egyptian consumer expenditures.<\/p>\n

To put this in perspective, 53% of the Egyptian consumer population only have enough<\/strong> income to spend on food, shelter, and basic needs<\/strong> (compared to 58% of consumers in Turkey and 24% of consumers in Saudi Arabia). As such, we will continue seeing the trend of nimble spending, wherein consumers seek more affordable shopping channels and local brands, as well as shopping only when necessary and increasing at-home consumption, says NIQ\u2019s North Africa and Levant MD Nihal Elkoussi. These shifts are all designed to \u201cgain the most effective control\u201d of how consumers\u2019 disposable income is used.<\/p>\n","protected":false},"excerpt":{"rendered":"

The value of consumer spending is rising, but on the same volume of products \u2014 with less discretionary spending to speak of<\/p>\n","protected":false},"author":1,"featured_media":592370,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7222],"tags":[11010,633,182,1546],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-592369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","tag-consumer-spending","tag-enterprisepm","tag-inflation","tag-lifestyle","wpautop","entry"],"acf":{"mongo_id":"f53e2b6c-2f5d-45eb-8ae9-b453a3e59c27","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/300.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Tracking Egyptian consumer behavior among rising inflationary pressures","related_issue":[592353],"teaser":"The value of consumer spending is rising, but on the same volume of products \u2014 with less discretionary spending to speak of","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.493b77f8-3d61-43d9-918f-4536b0c1596d.mp3"},"yoast_head":"\nTracking Egyptian consumer behavior among rising inflationary pressures - 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The government\u2019s budget eyes GDP growing at a 6% clip over the next 12 months. \u201cEven as leading\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548554,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/14\/cbe-to-raise-rates-this-thursday-to-curb-inflation\/","url_meta":{"origin":592369,"position":3},"title":"CBE to raise rates this Thursday to curb inflation","author":"enterpriseam admin","date":"14 August 2022","format":false,"excerpt":"The Central Bank of Egypt (CBE) is likely to resume its tightening cycle and raise rates for the third time since March when it meets this Thursday in a bid to tamp down on inflation and support the EGP. Five of seven analysts and economists surveyed by Enterprise expect the\u2026","rel":"","context":"In "POLL"","block_context":{"text":"POLL","link":"https:\/\/enterpriseam.com\/egypt\/category\/poll\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/230.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586111,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/non-oil-private-sector-contracts-at-a-softer-pace-in-april\/","url_meta":{"origin":592369,"position":4},"title":"Non-oil private-sector contracts at a softer pace in April","author":"enterpriseam admin","date":"7 May 2023","format":false,"excerpt":"Short-term outlook among firms falls to record low amid economic uncertainty","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/298.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563870,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/egyptian-economy-to-grow-5-this-fiscal-year-reuters-poll\/","url_meta":{"origin":592369,"position":5},"title":"Egyptian economy to grow 5% this fiscal year -Reuters poll","author":"enterpriseam admin","date":"27 July 2021","format":false,"excerpt":"Egypt will grow at a 5% clip in FY2021-2022, according to a Reuters survey of analysts and economists. The figure is the same as expected by analysts in a similar poll by the newswire in April, but is slightly below the 5.4% targeted by the government and the 5.2% forecast\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/261.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/592369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=592369"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/592369\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/592353"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/592370"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=592369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=592369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=592369"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=592369"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=592369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}