Data from Maverick Research, a leading retail audit firm in West Africa, has revealed a 2% growth in sales volumes and a robust 18% rise in value in Ghana during the Christmas period compared to the same period last year.
According to the report, the food segment emerged as the star performer, buoyed by its essential nature and strong pricing power. "The food category has shown remarkable resilience," said Ato Micah, Managing Principal at Maverick Research. "Even as households grapple with inflation fatigue, food remains the bedrock of consumer spending", he added.
In contrast, non-essential categories such as household and personal care products (HPC) and non-alcoholic beverages contractions.
This was attributed to reduced discretionary spending, as consumers focused on necessities during the festive season.
