Upper Middle-Class & Affluent Consumers in South Africa

With a combined spending power of over R700 billion, South Africa’s upper middle class and affluent segments account for nearly 40% of all consumer spend. Furthermore, despite South Africa's tough economic outlook, consumers in this market segment continue to see their incomes grow. Apart from their financial muscle, those inside this group are also key influencers and ultimately possess the power to make or break brands. A major challenge for marketers is keeping up with South Africa’s wealthiest consumer segment, which is notoriously difficult to research.

The Report highlights how much has changed over recent years, with:

(a) Thousands of new households entering the Top Million club
(b) Substantial lifestyle shifts and new spending priorities
(c) New sets of challenges experienced by Insiders
(d) More competition for share of wallet than ever before.

This study takes a deep-dive into the lives of those living in South Africa’s wealthiest households, to help marketers better connect with this grouping by providing a deeper understanding of both mind-sets and buying behaviour.

The Report highlights how much has changed over recent years with thousands of new households entering the ‘Top Million Club’. Change includes substantial lifestyle shifts, and new spending priorities. Furthermore, today there is more competition for a share of wallet than ever before. The first section of the report provides context by providing the key numbers that help define the Top Million grouping. Included in these numbers are items such as spending power, income ranges, and demographic breakdown. It then dissects the factors contributing to upward mobility.

The report then goes on to focus on the following: aspirations, challenges, financial decision-making, budgeting, children, buying behaviour, health and wellness, leisure, digital, and retirement. The final section of the report focuses on how marketers can better connect with this market.