Most Ghanaians shifted their spending habits in 2023 with a focus on essential goods as inflation bites, according to a survey by Maverick Research

The findings of the study found a shift in food spending priorities. This indicated that Ghanaians are increasingly purchasing staple accompaniments like bread, fresh fruits, snacks, and canned goods, suggesting a focus on affordable options that offer greater satiety.

Analysts at Maverick Research and Kasi believed this trend reflects consumers' adaptation to inflationary pressures by prioritising essential goods and seeking value for money in their food choices. The findings thus highlighted the resilience and resourcefulness of Ghanaian consumers in the face of economic challenges.

The survey aimed to determine whether Ghanaians are eating less or simply shifting their food consumption patterns.

It further revealed that despite a 52% increase in value for the Ghanaian Fast-Moving Consumer Goods (FMCG) market in 2023, volume remained flat.

Maverick's data was based on retail audits of 60 FMCG categories in Ghana.

It discovered a 3.0% decline in food volume contribution compared to 2022, while value only dropped by 1.0%. This trend extended to home and personal care and non-alcoholic beverages categories, which also saw flat volume, indicating tightened spending across essential goods.

Maverick and Yannick LeFang, also surveyed 1,000 Ghanaians.

 “The ability of FMCG to pass on cost increase provides resilience for this sector for now. The question is how far consumers can go before they adapt and become even more creative.” Yannick Lefang, Kasi CEO concluded.