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Business / Economics

49% of Namibian consumers struggle with high cost of living

todayJuly 4, 2024 14

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Namibian households are struggling financially amid high living costs, according to the latest findings from the Consumer Pulse Study conducted by TransUnion. The study reveals a significant increase in financial strain, with 49% of consumers now anticipating difficulty in fully paying their current bills and loans, up from 45% in Q3 2023.

Lara Enslin, CEO of TransUnion Namibia, stressed that these findings reveal a proactive approach by consumers to manage their finances amidst economic uncertainty. A quarter of those surveyed plan to borrow from friends or family to help cover their financial obligations.

To cope with these challenges, many consumers have adjusted their spending habits, with 52% reducing discretionary spending, and 27% each cancelling subscriptions/memberships and cutting digital service expenses.

Enslin noted that these shifts underscore consumers’ proactive financial management strategies in response to economic pressures. The study also highlights the critical importance of access to credit for Namibian consumers, as 41% expressed intentions to seek new credit in the coming year, with Millennials and Gen X showing the highest interest.

The findings underscore the ongoing economic challenges faced by Namibian households and the proactive measures being taken to navigate these uncertain times.

Written by: Tonata Kadhila

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