South Africans – rich and poor – are eating less bread, the maker of Albany says
According to the makers of Albany bread, South Africans are eating less bread.Most consumers on both the upper and lower end of the income scale are eating less bread.www.BusinessInsider.co.zaSouth African consumers across all income groups are eating less bread as prices for soft commodities, including wheat, continue to skyrocket, the maker of Albany bread has said.
"The bread category in totality, what we did see over the last three years is muted growth with a deceleration of at least 5% in the last fiscal [year], across multiple LSM levels," Yokesh Maharaj, chief growth officer for Tiger Brands said at the presentation of the results.Consumers in the highest LSM group are abandoning bread the most, followed by consumers on the lower end of the income scale.
While the company saw some market gains for its white bread within the Albany brand, it saw accelerated market share declines in its brown bread.
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