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SA consumers will need to spend in a way that helps households get their money’s worth 16 February 2021 - 08:10 Sponsored Image: Unsplash/Chris Liverani
In September 2020, Risenga Maluleke, statistician-general and head of Stats SA, announced that the SA economy had contracted by an annualised 51% in the second quarter of 2020 as a result of the strict lockdown measures imposed. Maluleke said it is also the first time in SA’s history that the economy recorded negative growth in four consecutive quarters.
What Stats SA says about the retail sector
Zooming in on the retail industry, Stats SA also paints a similar picture of gloom and decline. From its recently published retail trade sales findings, retail sales decreased by 4% year-on-year in November 2020. Sectors such as food, beverages, tobacco and retailers in the textile, clothing, footwear and leather goods industry were the worst hit.
Karuna SharmaJan 28, 2021, 20:15 IST
Experts are now optimistic that the FMCG industry will see an appreciable improvement this year
The year 2020 was a roller coaster ride for businesses of all kinds and sizes and negatively impacted
economic growth worldwide.
However, after June 2020, one industry that continued to see stable cash flow and income was FMCG.
In today’s feature, we speak to leading FMCG brands on their outlook for 2021 as we move forward. The pandemic has taught the brandverse to be prepared for the unexpected. Owing to the fear of contracting the virus by going out, brands had to rethink and realign their strategies to reach out to consumers in new ways. Online shopping platforms opened up their services to deliver 24 7 and people started hoarding daily essentials, including FMCG products. So, many FMCG brands partnered with e-commerce platforms like Dunzo, Flipkart, Grofers, BigBasket, etc to deliver within the comfort of consumers’ homes.
Deloitte s experts believe the second half of the year will see overall US GDP growth
come much closer to Q4 2019 levels. They expect a full return of GDP by early 2022.
This growth, they say, will come as the supply chain begins returning to normal and
people begin venturing out more after having the COVID-19 vaccine.
However, they don t believe all concerns about health or safety will evaporate. In fact,
Deloitte s experts believe they will remain a priority throughout retail about the overall
safety of workers and of shoppers.
Tech, too, is expected to see significant growth in areas like telehealth, education, and