A Game survey carried out in the run up to Women’s Month has found that 85% of South African women are hunting for deals on items they need, and only 15% are willing to stick to their favourite retailer despite the price.
In addition, seven out of 10 respondents are buying in bulk when they find a good deal.
The survey, which was taken by more than 1 400 South African women and detailed their saving, spending, and shopping habits, found that 87% of respondents were responsible for managing the household budget.
When asked what they spend the bulk of their budget on each month, groceries and household items came out tops, followed by bond and car repayments and clothing.
Katherine Madley, vice-president of marketing at Game, explains that Game carried out the survey in order to gain a deeper understanding of their female customers and how they spend their money, in the run up to Women’s Month.
“As the world continues to shift during these hard times, so do consumer saving, spending and shopping habits. As a retailer, we need to remain aware of the current trends and ensure we are responding accordingly and responsibly, in order to remain relevant to our consumers,” she says.
Seventy-one percent of respondents consider themselves financially savvy, and 77% have a detailed budget in place that carefully tracks income and expenditure. Despite this, 50% of women confirmed that they are in debt, and very few are consulting with a professional in this regard.
“While the majority of women consider themselves financially savvy, it is interesting to see that only 16% are consulting with a professional in terms of managing their finances. In my experience, this happens for two reasons,” says Mapalo Makhu, founder of Woman & Finance and author of ‘You’re Not Broke, You’re Pre-Rich’.
“Firstly, women often assume they need a lot of money in order to access a financial planner; this is not true as most financial planners do not carry an upfront cost.
“Secondly, women often feel overwhelmed by all the jargon involved in financial planning. It is important for women to educate themselves on personal finance matters in order to understand how financial planning can help them in working toward their goals, and ensure they are asking the right questions when dealing with a professional.”
When it comes to saving, however, 41% of South African women are saving money each month, while 48% are saving whenever they can. Interestingly, 37% of respondents confirmed that they have a secret savings account that they keep hidden from their family or their spouse.
“While the South African woman is a savvy shopper who is managing the household budget, the current circumstances show a trend toward spending for survival rather than spending money on entertainment or beauty, for example,” says Madley. “While this is no surprise, it is certainly a trend that is set to stay as the country faces a long road to economic recovery. Retailers need to ensure they keep the customer at the centre of their business models and strategies and remain aware of the latest trends.”