{"id":62206,"date":"2024-03-04T15:59:39","date_gmt":"2024-03-04T15:59:39","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/major-consumer-shift-in-south-africa-as-budgets-come-under-strain"},"modified":"2024-03-04T16:13:48","modified_gmt":"2024-03-04T16:13:48","slug":"major-consumer-shift-in-south-africa-as-budgets-come-under-strain","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/major-consumer-shift-in-south-africa-as-budgets-come-under-strain","title":{"rendered":"Major consumer shift in South Africa as budgets come under strain"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Bidvest\u2019s latest results show an increase in profits across the majority of the group\u2019s operations \u2013 but its automotive business is taking a beating as consumers increasingly turn to new car manufacturers amid a household budget crunch.<\/p>\n

In its financial results for the six months ended 31 December 2023 (H1 2024), Bidvest said that it had strong results against a pedestrian trading backdrop, characterised by high inflation, peak interest rates and minimal economic growth.<\/p>\n

Group revenue increased from R57.1 billion in H1 2023 to R62.2 billion in H1 2024, as acquisitions in South Africa, Australia, the United Kingdom, and Singapore boosted the growth rate by 2.8%.<\/p>\n

\u201cIn largely stagnant markets, price inflation, a weaker rand against major currencies, as well as new business gains were the key growth drivers,\u201d the group said.<\/p>\n

Headline earnings per share (HEPS) and normalised (HEPS) increased by 5.3% and 6.9%, respectively.<\/p>\n

The group also upped its interim dividend by 6.7% to 467 cents per share.<\/p>\n


\nAutomotive pain<\/b><\/p>\n

Although five of the group\u2019s seven divisions reported double-digit profit growth, trading profit in the group\u2019s automotive business declined by 11.4% to R365.1 million, as the trading environment remains extremely challenging.<\/p>\n

\u201cConsumers are experiencing considerable strain on disposable income, negatively impacting demand,\u201d the group said.<\/p>\n

\u201cAt the same time, there is an oversupply of vehicles from the Original Equipment Manufacturers and aggressive discounting which compresses gross margin.\u201d<\/p>\n

\u201cThis causes a negative knock-on effect in the used vehicle market. The division\u2019s lower sales volumes mirror the nearly 5.0% contraction in South Africa\u2019s new vehicle dealer market.\u201d<\/p>\n

McCarthy\u2019s car mix is also skewed to traditional makes, with many of which are losing share to<\/p>\n

new entrants into the market.<\/p>\n

For example, Naamsa\u2019s data showed that the Haval sold roughly 19,904 units in 2023 \u2013 an increase of over 2,000% from 2019.<\/p>\n

In contrast, sales for Audi, Mercedes-Benz, and BMW have more than halved in the last decade \u2013 with total sales declining from 71,889 in 2014 to 26,202 in 2023.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Bidvest\u2019s latest results show an increase in profits across the majority of the group\u2019s operations \u2013 but its automotive business is taking a beating as consumers increasingly turn to new car manufacturers amid a household budget crunch. In its financial results for the six months ended 31 December 2023 (H1 2024), Bidvest […]<\/p>\n","protected":false},"author":84,"featured_media":62205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-62206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nMajor consumer shift in South Africa as budgets come under strain - South Africa<\/title>\n<meta name=\"description\" content=\"Bidvest\u2019s latest results show an increase in profits across the majority of the group\u2019s operations \u2013 but its automotive ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/major-consumer-shift-in-south-africa-as-budgets-come-under-strain\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Major consumer shift in South Africa as budgets come under strain\" \/>\n<meta property=\"og:description\" content=\"Bidvest\u2019s latest results show an increase in profits across the majority of the group\u2019s operations \u2013 but its automotive ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/major-consumer-shift-in-south-africa-as-budgets-come-under-strain\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-04T15:59:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-04T16:13:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/03\/sm_1709556087.88427.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/major-consumer-shift-in-south-africa-as-budgets-come-under-strain#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/major-consumer-shift-in-south-africa-as-budgets-come-under-strain\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Major consumer shift in South Africa as budgets come under strain\",\"datePublished\":\"2024-03-04T15:59:39+00:00\",\"dateModified\":\"2024-03-04T16:13:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/major-consumer-shift-in-south-africa-as-budgets-come-under-strain\"},\"wordCount\":338,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/major-consumer-shift-in-south-africa-as-budgets-come-under-strain#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/03\/sm_1709556087.88427.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/major-consumer-shift-in-south-africa-as-budgets-come-under-strain#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/major-consumer-shift-in-south-africa-as-budgets-come-under-strain\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/major-consumer-shift-in-south-africa-as-budgets-come-under-strain\",\"name\":\"Major consumer shift in South Africa as budgets come under strain - 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