The study deep dives into key aspects of personal financial management, perceptions of credit, saving, investment, debt, budgeting as well as changes in shopping behaviour. Business understands that getting to grips with the financial problems and other challenges this market faces, is a sure-fire way to ensure that the brand/services/messaging it offers is delivered in a valuable and meaningful way to the consumer. The Money Matters report uncovers key insights that can be readily leveraged.
2015 and 2016 saw many organisations unable to conduct exploratory qualitative research due to budget constraints, hence we proactively took it upon ourselves to commission this study, but informed by a variety of research enquires that we received over the past two years. For this reason, the research is relevant to a wide number of industries which have the black middle-class consumer at their heart of their strategy.
The research found that while all South Africans feel the impact of the economic crunch, the black middle class has felt it the hardest. As a result, this market scrutinise their spending, budgets and debit orders whilst they seek for alternatives to make ends meet, yet keep a similar lifestyle; switching brands, products and financial institutions is one way of doing this. Price, taste and versatility remain a key driver of choice.
- The majority are dipping into their savings to help see them through the month. They expressed that they juggle creditors to pay the loudest and most annoying one.
- Perceptions of savings are linked to stokvels and 32-days savings accounts. A rise in the investment of Ponzi schemes is seen. This is seen as a beacon of hope for those trying to get themselves out of debt and improve their lives.
The full 70-page research report is finally available and it is critical for your 2017 brand planning, marketing and product innovation targeted at this consumer market.
Stakeholders who will find this report particularly valuable are:
- Financial institutions, lenders, debtors, creditors and related industries.
- Advertising agencies with LSM B brand clients, or if you are currently busy with your 2017 brand planning, this report is gold to you.
- Retailers, FMCGs, manufacturers in need of shopper insights, then this is for you too.
Email email@example.com to send you a full background which answers most frequently asked questions about the research report, to determine the value it represents to your organisation.