FMCG,Retail | The rebound year
After three tough years of trading, including a contraction of volumes and severe cost pressures, we are of the view that retailers and producers are at the start of a strong recovery. Improving consumer confidence, lower interest rates, declining inflation and a flattening out of international competition will underpin the rebound. Lower food inflation also frees up income for up-trading in food, as well as a more discretionary spend. Accordingly, we expect an acceleration of volume growth and strong returns across the consumer sector in 2018, particularly in more marginal or geared operators, such as AVI, The Foschini Group, Massmart and Mr. Price.
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