Convenience is the new currency powering economic growth
- Consumer spending on convenience-related products and services grew by an average of 24% annually from 2017 to 2022.
- Over half of respondents in the 2023 Voice of the Consumer survey prioritize having time for themselves and are willing to pay premiums for time-saving services.
- The gig economy in South Africa offers flexible work opportunities, enabling individuals to earn income on their own terms.
The convenience economy represents a significant shift in consumer behavior and business operations, highlighting the need for companies to innovate continuously. However, it is crucial to ensure that this growth does not come at the expense of sustainability and social responsibility. Future discussions should focus on how businesses can effectively integrate convenience with ethical practices to foster long-term economic resilience.
