An Economist has predicated consumer demand to reduce as the cost of living in the country has increased and it is negatively impacting the business sector.
Speaking when he featured on Money FM’s Economist at Money Programme, Mr. Dean Onyambu explained that the pandemic era has been very difficult on the consumer with inflation being elevated resulting in the cost of goods going up and affecting disposable income.
“The cost of living has increased during this period and it is having a negative impact on the public’s disposable income,” he said.
Mr.Onyambu added that due to the increased inflation rate consumers are
forced to spend only on priority goods than non-priority ones which will have negative effect businesses post Covid-19.
“People are not forced to spent only on priority goods hence business in tourism and hospitality end up being largely affected,” He concluded.