The Top Million research report into South Africa’s ‘upper middle class’ households in 2019 has been released by the UCT Marketing Institute and ad agency M&C Saatchi Abel.
This report offers in-depth research into South Africa’s transforming middle class segment, particularly upper earners who are considered the most influential when it comes to brand buying power and impact on our economy.
According to the UCT Marketing Institute, the Top Million group comprises 5% (2.9 million people) of South Africa’s 57 million people and it pays nearly half of all personal income tax in South Africa. A Top Million household earns at least R40,000 per month net, often from multiple income earners – with average earnings of R70,000 per month. This group’s combined spending power is R700bn, representing 36% of all consumer spend in South Africa.
This change in South Africa’s middle class sees exponential growth, particularly in the upper middle-class segment, which has been particularly difficult for marketers to access. These consumers have massive buying power, they complain when they feel the need to, and exert pressure on brands. They are somewhat recession proof, intensely value driven and optimistic about South Africa’s future.
So how does a brand get noticed by these demanding consumers? The answer is to connect emotionally and intellectually with this Top Million group at point of sale – something that Pyrotec PackMedia helps brand owners to achieve very effectively.
Besides the packaging’s functionality, factors that appeal to these shoppers include a high design aesthetic, environmental credentials, value-added information, and brands that engage.
While traditional on-pack labels are limited by space, affecting their ability to engage with shoppers, Pyrotec PackMedia’s Fix-a-Form® booklet labels vastly increase the area used for communication and provide unlimited potential for cost savings and waste reduction. Importantly for Top Million consumers, they provide opportunities to tell a story or share environmental or chain of custody messages.
For more information about how Pyrotec keeps up with global trends, visit www.pyrotec.co.za.