Rise of the nillionaires
A new class of shopper — encompassing 70% of SA’s population — has little or no money because of the Covid-19 lockdown. Yet they make up the bulk of the labour force and are a category brands should pay careful attention to
As the SA economy starts up again, brands and their advertising agencies need to focus on a new demographic emerging from the lockdown crisis. "Nillionaires", says research agency Kantar, are a new class of shopper, facing more troubling times than usual and making up about 70% of SA’s population.
Kantar says its findings show 69% of people who fall into this category are below the age of 34, 55% are women and all are surviving on a household income of about R5,000 a month. The agency says it’s critical to leverage insights into this market for business growth, as Covid-19 has become the great marketplace equaliser...