Deloitte SA Blog

Dr Rob Davies, The Minister of Trade and Industry, has launched the Manufacturing Competitiveness Enhancement Programme (“MCEP”), to assist the manufacturing sector. In this context it is important to remember that, in the past five years, the manufacturing sector has been plagued by the global economic meltdown, rising electricity costs, escalating wage cost and the threat of a carbon tax. Unlike other countries with specific “bail-out” plans, there were no specific measures announced to benefit the ailing manufacturing industry, until it was announced in this year’s budget speech, that a new incentive would be launched during 2012 which would inject R5.8 billion into the distressed manufacturing sector.

If you require more information or a more detailed discussion on the MCEP, contact Newton Cockcroft (Deloitte Research & Development and Government Grants Leader for South Africa) at ncockcroft@deloitte.co.za

In terms of the budget speech, the aims of the program would be “to provide a credible support package to stabilise and grow output, grow employment and grow confidence in the manufacturing sector in the of face or uncertain local and export market conditions arising from the global economic crisis”.

It is heartening to see that the Department of Trade and Industry launched MCEP within 3 months from the announcement in the budget speech. It is also very encouraging to note that the programme will go live on 4 June 2012.

Although this is not aimed to provide the reader with a detailed summary of the MCEP, we hope to raise awareness about the existence of the programme and its benefits.

Who will benefit?

The new incentive programme will focus on providing assistance for participants in the manufacturing and engineering sector including conformity assessment agencies. It should be noted that this incentive programme will not be available to start-ups or companies without at least one year’s manufacturing track record. It is, however, important that all enterprises that are in the manufacturing value chain should take cognizance of MCEP as it may affect them, whether directly or indirectly.

How to qualify for the benefits

Successful applicants will be assigned a benefit ceiling based on entity level manufacturing value add which the applicant will have to claim through the 7 sub-programmes of the MCEP within a 2 year period.

The benefit ceiling is calculated as follows:

MCEP consists of  two categories, a production incentive and industrial financing loan facilities. The two categories have seven components in terms of which an applicant can benefit from MCEP. These are:

1. Production Incentive
1. Capital Investment
2. Green Technology and Resource Efficiency Improvement
3. Enterprise Level Competitiveness Improvement
4. Feasibility Studies
5. Cluster Competitiveness Improvement
2. Industrial Financing Loan Facilities
1. Pre- and Post-dispatch Working Capital Facility
2. Industrial Policy Niche Projects Fund

The cash benefit, based on the MVA, which is available through the above listed seven components will amount to the following percentages of the calculated MVA:

It is also important to note that an applicant can apply for a combination of the seven components of MCEP and that the benefits can be substantial. As example, benefits for capital investment and green technology and resource efficiency improvements are capped at R50 million per component. If one adds the job creation bonus payment in these 2 categories to this, an applicant meeting all the requirements and creating sufficient job opportunities, can obtain a benefit of as much as R110 million in these two categories. This benefit, if tax exempt as expected, may make the incentive in some instances more attractive than the section 12I Income Tax additional tax allowance. It is in this light, important to note that it seems to be Government’s intention that projects under R200 million should apply for either the Manufacturing Investment Programme (MIP) or the MCEP whilst projects over R200 million should apply for benefits in terms of section 12I of the Income Tax Act. Despite this it is important that any applicant should consider all mandatory and other criteria of all the applicable programmes in order to ascertain which would be the best fit for the company.

The Automotive, Clothing, Textiles, Leather and Footwear sectors that qualify for support under AIS, APDP, MIDP, CTCP and CTCIP have been disqualified from this incentive programme. Automotive manufacturers which earn less than 25% of its turnover from the motor vehicle supply chain may, however, apply for the MCEP.

There are more stringent requirements for certain industries, as listed below:

The swift release of the MCEP incentive programmes is welcomed by Deloitte. It should however, be noted that an applicant’s benefit will be based on the historical asset cost and, if one adds the 20% expansion requirement in order to qualify for the programme to this, we feel that this may lead to a large scale disqualification of large manufacturers from the programme. Large manufacturers have, as their smaller counterparts, suffered as a result of the recession and one must hope that measures would be implemented that will prevent the disqualification of large manufacturing companies from the programme.

It is also concerning that more difficult qualification criteria have been set for certain industries, which have been specifically earmarked in IPAP 3 as priority sectors, which should be grown and supported. One would have expected that these priority sectors would have received beneficial treatment or easier qualification criteria.

Other aspects that must be seen as positive are the relative short timespan within which and successful applicant will be able to claim benefits. It was expected that a B-BBEE hurdle (Level 4) would be in place and the fact that non-compliant companies would be given four years to achieve such status would also tend to be on the lenient side.

In closing, it is important that MCEP, and the substantial benefits that it will inject into the manufacturing industry, be implemented and administered swiftly and efficiently. In this regard the relative short timespan between the announcement of MCEP in the Budget and the release of the final programme shows that the DTI and Government realise the needs of the manufacturing industry in South Africa.

If you require more information or a more detailed discussion, contact Newton Cockcroft (Deloitte Research & Development and Government Grants Leader for South Africa) at ncockcroft@deloitte.co.za

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The corporate world is currently debating the Protection of Personal Information Bill (PPI) which will soon be promulgated. Much of this debate centres on how onerous the minimum requirements for compliance will be, how long organisations will be given to comply and what the cost implications are likely to be.

Want to learn more about the Protection of Personal Information Bill? Visit the Deloitte Protection of Personal Information Bill website or contact Dean Chivers at dechivers@deloitte.co.za or Daniella Kafouris at dkafouris@deloitte.co.za.

Some companies have chosen to take a ‘wait and see’ approach. “Those companies that see regulatory changes as an opportunity for increasing business value adopt a more positive, proactive approach and also spend considerably less in achieving compliance over the long term,” comments Dean Chivers, Director Deloitte Legal, at Deloitte. “They are able to link compliance requirements to the entire value chain of the business so that each functional area buys into its importance, realises the value that can be delivered to the business and collectively bring about change to realise this value.”

Chivers cautions that companies should implement PPI compliance as prudently as possible. “Be realistic – your organisation may not be completely compliant by the time the Act is promulgated. PPI is not exclusively an IT or legal or a process or a security issue, it’s a combination of all of these. Create the framework within which PPI will be managed within your organisation, and then build awareness amongst staff around both PPI and your entities PPI compliance framework. This will start to drive PPI issues into your framework, thereby facilitating a proactive, self-regulating model.

Chivers recommends that a response strategy be established, with the responsible person being one who understands what the law requires.

“Decide on your corporate ethics policy and define and communicate it, teaching your organisation to look out for problems,” says Chivers. “If and when a problem arises, react quickly and correctly to deal with it and close the loophole. Look for triggers that indicate your processes are not working properly.”

According to Chivers, the PPI Bill will be the catalyst for companies to add value while achieving compliance. They should engage with their customers in the process and use it as an opportunity to build customer trust in the company by highlighting the company’s efforts to treat customer’s personal information with respect and confidentiality.

The following are just some of many opportunities:

There is tremendous advantage to be gained from proactively engaging customers ahead of promulgation, for example:

• Positive customer approvals are more likely to be obtained prior to promulgation and prior to the market being flooded with requests
• Valuable insights can be obtained from a company’s existing customer database now, ahead of customer requests for data deletion.
• Customers will become aware of the fact that PPI  will result in the protection of their personal information, something most  people will appreciate.
• Companies who lead the market in becoming PPI  compliant will gain customer respect and loyalty.

PPI can also deliver many potential positives within a company, to name a few:

• Technology gets the budget go-ahead for  middleware and data warehouses, new SAP modules, data security upgrades, etc, which  add value when linked to the overall business strategy.
• Data analysis of personal information for  purposes of PPI compliance can yield significant useful information around  customers and markets.
• Provides positive motivation to interface with  customers, alumni, potential employees, personal networks.
• Employee files get updated and remain up-to-date.
• Contracts are reviewed and updated and may even  be better than before.

Chivers recommends that the initial step should be a quick  start process prior to promulgation, followed by detailed design and implementation of value-adding initiatives. This will allow the company to gain  momentum and build a platform for future opportunities. Firstly, understand the  extent of PPI impact on customer and channel strategy, brand positioning and  employee proposition; determine possible impacts on people, processes,  technology and systems; and define key data requirements for business  sustainability.

Thereafter, look at the following opportunities:

• Identify value-adds beyond minimum compliance
• Design customer interactions to increase market share
• Realign processes for a more customer focused organisation
• Link to other initiatives such as process streamlining, productivity improvement and employee communication
• Select technology to support more than just data integration, e.g. non-intrusive technology options ranging from cloud technology, to separate software and simple upgrades
• Build the customer focused organisation by digging deeper into existing customer data
• Use an approach that first establishes the organisational needs and gaps before moving to an ‘all ends at once’ implementation
• Adopt a ‘build to last’ approach for ongoing organisational sustainability

In summary, organisations can gain measurable business performance improvements by approaching the Protection of Personal Information Bill as a strategic opportunity rather than an onerous compliance cost. Realising this potential value from the Bill, however, requires a shift in organisational mindset.

“Don’t be limited or restricted by your existing database,” says Chivers. “Use it as a contact list and first cut segmentation, design a meaningful database for future strategy and populate it by means of an automated permission campaign; don’t be restricted to a single tool or methodology – select those which are most appropriate for your needs; ensure your approach is strategic. Include change management in your implementation; don’t be purely focused on data analytics, ensure that your approach is aligned to your business priorities as well as people, process, technology and system enablers.

Chivers goes on to say “Understand how PPI affects your IT, legal, process and security options before jumping on the analysis bandwagon. Analyse the options and consider the best process for your company. There are a number of options, so give yourself the best chance of adopting the most appropriate one for your company.”

Want to learn more about the Protection of Personal Information Bill? Visit the Deloitte Protection of Personal Information Bill website or contact Dean Chivers at dechivers@deloitte.co.za or Daniella Kafouris at dkafouris@deloitte.co.za.

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This Deloitte report identifies the 250 largest retailers around the world, based on publicly available data. The report also provides an outlook for the global economy, trends for retailers to consider in the coming months, and an analysis of market capitalisation in the retail industry.

Download the full report . . . .  Global powers of retailing 2012

If you have any questions or require a more detailed discussion, contact Rodger George at rogeorge@deloitte.co.za

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A World Economic Forum Report in collaboration with Deloitte Touche Tohmatsu Limited

With a call to action from stakeholders at the 2011 Annual Meeting, in January 2011 the World Economic Forum’s Mobility Industries team initiated the Future of Manufacturing project to address how the global manufacturing ecosystem is evolving. The project explored the pivotal drivers of change, today and in the future, to generate insights and a platform for informed dialogue between senior business leaders and policy-makers.

Introduction

Over the past several decades, manufacturing has experienced significant change as rapid globalisation shifted a significant proportion of manufacturing capacity from developed to emerging economies and substantial new markets and new competitors emerged. The globalisation of manufacturing was enabled by a combination of forces coming together simultaneously, including a significant change in geopolitical relations between east and west, the widespread growth of digital information, physical and financial infrastructure, computerised manufacturing technologies, and the proliferation of bilateral and multilateral trade agreements.

These factors, along with others, have permitted the disaggregation of supply chains into complex global networks allowing a company to interact in the design, sourcing of materials and components, and manufacturing of products from virtually anywhere – while satisfying customers almost anywhere.

The manufacturing industry is of great interest to investors and business leaders hoping to take advantage of the opportunities presented by rapid globalisation and the significant growth of the middle class in emerging markets, as well as serving high-value customers in developed markets with innovative new products and services.

Policy-makers, still coping with the aftermath of the financial crisis and hoping to stimulate high-value job growth and create sustained economic recovery, are keenly interested in the benefits of having a globally competitive manufacturing industry. While the changes that have occurred in the recent past are important to understand, it is the future of competition in the manufacturing industry that has the most interest to both business leaders and policy-makers.

Download the Deloitte article . . . .  The future of manufacturing – Opportunities to drive economic growth

If you have any questions or require a detailed discussion, contact Andrew Mackie (Deloitte Manufacturing Industry Leader) at amackie@deloitte.co.za

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Access to electricity stands at 26% in sub Saharan Africa, the lowest worldwide and the picture is even worse in rural areas where it is estimated that only 5% have access to electricity (WHO, 2009). All agree that significant change is needed in order to rectify the imbalance.

The effect of a different kind of change – climate change – has resulted in a massive push worldwide for the growing need for electricity to be met by renewable energy sources and Africa is no exception. The South African National Energy Association believes that Africa’s energy supplies would have to increase at least fourfold by 2025, if the continent were to meet the energy demand of its people. Ideally the largest portion of that supply should come from renewable sources.

The perplexing energy security situation contrasts strikingly with the abundant natural resources of the sub-Saharan Africa region: most countries in the region have renewable energy potential many times the current demand and the potential is exploitable using currently proven technologies and available know-how in electricity generation from hydro-power, as well as geothermal, wind, biomass and solar energy sources.

To date, the potential benefits of renewable energy have to a large degree not been seized in the sub-Saharan African region, despite the many economic, social and environmental advantages associated with it. Renewable energy can put an end to South Africa’s reliance on fossil fuels such as oil and coal and can be an avenue to better exploit the economic opportunities offered by international carbon markets.

The most severe challenges facing the continent, with regard to power generation include inadequate development of the energy infrastructure, high capital costs attached to energy projects, the lack of technical expertise and perhaps most importantly, the lack of finance and investing in energy projects.

Thankfully, a broad range of financial institutions are starting to invest or lend money into the renewable energy sector in sub-Saharan Africa. Global investment in the renewable energy sector grew exponentially from $22 billion in 2002 to $155 billion in 2008 (UNEP, 2009) when, for the first time, investment in new renewable energy power generation capacity was greater than investment in fossil fuel generation worldwide. The financial crisis in late 2008 did hit the sector heavily, although investor interest in the sector has returned and is growing steadily.

It is estimated that South Africa would need approximately R110 billion in investment to meet the renewable energy capacity as envisaged in the government’s Integrated Resource Plan (Loni Prinsloo, 2011). A large financing gap exists in the power sector as the focus of much of the current spending is on maintenance and operation of the existing power infrastructure, the new build programme of coal-fired stations and the re-activation of previously mothballed coal plants, with little remaining to fund long-term investments and to address the power supply crisis by means of renewable energy sources.

For this gap to be closed, private financiers and investors need to be involved. This is a somewhat new approach given that, traditionally, the bulk of investments in infrastructure (electricity included), have been made by government. Private institutions are becoming increasingly active in a variety of roles across the energy sector, including as debt and equity financiers, advisors and in public-private partnerships.

The private sector, however, approaches investments in renewable energy in the same manner as any other investments. Renewable energy investments, though, have certain characteristics that require an additional level of understanding. These include the influence of policy and regulation on the viability of an investment, including the legal basis and durability of any subsidies, grants, tradable certificates or tax credits. These factors are layered on top of the basic financial analysis of any renewable energy project.

Financial institutions operate on a risk and return basis evaluating each potential investment opportunity on its merits, with financial return and risk being co-dependent categories. Project sponsors, lenders and investors, want to make a return proportional to the level of risk they undertake. So as with all other classes of projects and investment, renewable energy investment becomes more likely and frequent if the perceived levels of investment risk are reduced for a given level of return, or returns are increased for any given level of risk.

The financial profitability of the underlying technology and the extent to which it is financially competitive compared to other competing technologies is critical in driving the financial return of any energy investment. In the context of electricity generated for large, centralised grids, it is still the case that, electricity generation from renewable sources is generally more expensive than from conventional sources.

Nonetheless, generation costs for renewable energy generation are decreasing and certain technologies are already competitive, or at ‘grid-parity’, with conventional forms of electricity generation in many parts of the world. In South Africa, solar photo voltaic generation is expected to be fully financially competitive with conventional coal-fired generation as soon as 2015 (PV Magazine, 2010).

When it comes to the financiers’ assessment of risk, regional circumstances in particular include a variety of investment related risks (country, regulatory, commercial and market risks) that will be more pronounced in sub-Saharan Africa and other developing countries than in developed countries or emerging economies. These risks will immediately increase the return expectations of investors and thus, any project’s cost of capital. Lenders also stress the importance of a credible offtake agreement, with acceptable costing, and ‘take or pay’ features – lenders need to know that their returns are adequate to support the serviceability of the funding over the long project lead time. The combination of these risks and lender requirements, often leads to capital-intensive energy options being discouraged, and the focus being placed on less capital-intensive, conventional energy technologies.

The range of renewable energy risk profiles can nonetheless be matched to the spectrum of financial institutions from banks, pension funds, private equity and venture capital providers. However, the renewable energy sector requires a clear policy environment to deliver the project economics to attract private debt and equity. Policy and regulation continue to be central to ensuring the long term stability of projects from a revenue and operation perspective.

It is thus imperative that both regulation and policy be clear, of a long duration, and legally based in order to deliver growing volumes of private funds into the renewable energy sector.

Sources:

Loni Prinsloo, 2011 – (R100bn investment needed to meet SA’s renewable energy aspirations)

Magazine, 2010 – (South Africa: Grid parity within sight, but Refit needs to be implemented soon)

UNEP, 2009 – United Nations Environment Programme, 2009 (Private Financing of Renewable Energy – A Guide for Policymakers)

WHO, 2009 – World Health Organization (The Energy Access Situation in Developing Countries)

by Candice Holland of Deloitte Legal

South Africa has seen the promulgation of numerous pieces of consumer protection legislation which imposes a number of compliance obligations on business, and there is more to come.  The Consumer Protection Act has been the most recent piece of such legislation, with the Protection of Personal Information Bill in the pipeline.

With the Consumer Protection Act, we have seen an aggressive regulator who has tackled business head on, wanting swift compliance and the issuing of consent orders where she deems necessary.  The result we have seen is businesses trying to find the balance with becoming compliant with the legislation to protect their brand and the reasonable cost of implementing such compliance measures.

With respect to the Protection of Information Bill, the measures applicable to the gathering processing, retention and destruction of information is set to be revolutionised. In addition, the Electronic Communications and Transactions Act will be touched by the looming enactment of the Protection of Personal Information Bill.  The Protection of Personal Information Bill is raising interesting challenges for business on how it will impact the way in which business should be done, particularly with respect to direct marketing.

The debate as to whether or not the Protection of Personal Information Bill will, in its final form, require all persons to opt in for direct marketing or whether an opt out system will be sufficient still rages.  Interestingly enough, all three pieces of legislation, the Consumer Protection Act, the Protection of Personal Information Bill and the Electronic Communications and Transactions Act all touch on direct marketing, this will surely become one of the most hotly debated areas of business in the near future.

All three these pieces of legislation will be further unpacked at a workshop which Deloitte is hosting on 2 November 2011 at the Deloitte Auditorium, 20 The Woodlands Office Park, Woodmead, Sandton from 07h30 to 12h15. The workshop will focus on the key CPA pending questions with our views on the interpretations, covering:

• Case studies and recommendations on resolution
• Consent notices issued
• The often controversial lessons and experiences to date, and an analysis of the cases before the Commissioner

Deloitte specialists will explore the probable impacts of PPI upon current ECT regulations, as well as the impact and business implementation of PPI both locally and globally, ensuring maximum benefits for an organisation.

Delegate Rates

1 to 2 Delegates – R1750 (excl VAT) per delegate
3 or more Delegates – R1500 (excl VAT) per delegate

Click here to register

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This article, prepared by Candice Holland (Associate Director at Deloitte Risk Advisory) talks about how the Consumer Protection Act has changed the way business is done in South Africa. If you have any questions or require additional information, you may contact Candice at caholland@deloitte.co.za.

Sections of the Act covered in this publication

The CPA has changed the way business is done in South Africa. The legislation firmly places the onus for satisfactory standards of goods and services in the hands of suppliers. Consumers now benefit from a legally obligatory 6-month warranty that they will be entitled to expect on all new goods (and second hand goods to an extent) purchased after 1 April 2011. An example of this is the creation of the “repair, replace, refund” benefits offered when the warranties are breached by the supplier.

So how does business ease its position with consumers in light of the automatic warranty? Although the Act brings with it more work for businesses, it is an opportunity to show their compliance as evidence of how much they value their clients and business. Two of the most important aspects are redrafting of warranties to separate out the statutory and contract warranties and with respect to defects, suppliers must improve their handover procedures and their tracking of goods in the supply chain: rethinking what should be checked, what should be documented and who should be present when a handover of goods takes place. This can become particularly tricky when it comes to large goods which a number of components or goods with intricate parts which cannot be checked.

Deloitte is of the view, is that the primary method of guarding against such claims will be to ensure businesses can prove they have taken all reasonable steps, through plain language and redrafted warranties to the consumer.

The first step for businesses is to understand the extent of their exposure by carrying out a „health check‟. For example:

• re-drafting warranties
• ensuring a measure to explain the exact benefits the consumer is entitled to for each warranty
• negotiations with interested parties, and
• more robust handover processes within the supply chain, like when goods are received from distributors or handed over to purchasers.

Again, this sounds easier than it is. The extent of the exposure will have to be established before steps can be taken to implement and manage the new position with business partners. Business would be well advised to begin the process of understanding their risk in light of the CPA.

The Act is broad and covers more than is described in this blog post. For more information contact Candice Holland at  +27 11 209 8598 or caholland@deloitte.co.za

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This article was prepared by Omri van Zyl, Head of the Deloitte Africa Agribusiness Unit, which discusses the four key success factors to growing agriculture opportunities in Africa. For further information, you may contact Omri van Zyl directly at ovanzyl@deloitte.co.za

Food security and the future

With food security becoming one of the main themes for the future survival of nations on the planet – agriculture is one of the cornerstones in elevating this challenge.

The aftermath of the Global Economic Crisis created more poverty and hunger than can be measured. Today, with the future of food security more precarious than ever, governments around the world are finally focusing on agriculture and taking the first steps towards long-term solutions.

The 1996 World Food Summit in Rome defined food security as existing “when all people, at all times, have physical and economic access to sufficient, safe and nutritious food to meet their dietary needs and food preferences for an active and healthy life.”

At the time, it seemed realistic to expect to halve the proportion of chronically undernourished people by 2015. This goal was at the heart of the Rome Declaration on World Food Security, and formed the basis of the first Millennium Development Goals.

The roots of today’s food insecurity go back 30 years, when investment in agriculture started to decline. In 1979, aid to agriculture was 18% of total assistance. By 2008, it was just 4.3%. In developing countries, government investment in agriculture also fell in this period, by one third in Africa and by as much as two thirds in Asia and Latin America.

In many developing countries, particularly low-income countries, decreased investment was accompanied by a policy vacuum. Governments dismantled older, costly instruments that had supported agriculture, but did not replace them with new, more effective ones.

When global food prices soared from September 2006 to June 2008, in many cases almost doubling, it became apparent that the world was facing a new era of uncertainty. Indeed, volatility returned to some food commodities markets in 2010.

In addition, the world’s population is expected to rise from 6.7 to 9.1 billion by 2050, with most of the growth in developing countries. Increasing population sizes create more demand for food, water and land at a time when agricultural land is being increasingly used for bio-fuel production. At the same time, climate change is expected to put millions more people at risk of hunger in the coming years.

Africa is a continent with one of the largest proportions of arable land available in the world. Given the current production potential – many nations are looking at Africa for the production of food. Countries like China and India have already started the acquisition of land in various countries to plan for future shortages.

Download the full article . . . . Four key success factors to growing agriculture opportunities in Africa

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The Deloitte Consulting South Africa Innovation team is headed by Thomas Jankovich, who may be contacted at tjankovich@deloitte.co.za or join the discussion on the Deloitte South Africa – Executive Leadership group on LinkedIn. Access other Communication preferences on the Deloitte Consulting website.

Manufacturers say they need to innovate to grow. But in the past 10 years, growth by any means, innovation or otherwise, has been more wish than reality, at least in the more than 400 chemical and industrial products manufacturers we studied. The traditional path to innovation, through internal R&D efforts, is not likely to turn things around.

In this point of view, we build the case for an alternative path –collaborative innovation –and provide a step-by-step approach describing how manufacturers can manage the process and generate value for themselves and their partners. In collaborative innovation, companies work with one or more partners (customers, suppliers, external individual innovators, university researchers etc.) to share development and marketing responsibilities, as well as benefits and risks. Collaborative innovation often counters many of the problems of traditional R&D models and can/may give companies access to vital technologies and know-how without having to build them in-house.

The success of collaborative innovation depends on alignment and effort integration: working to make every aspect — from the company’s own R&D systems, technology platforms, and employees to those of the external partner(s) — work together to realize the innovative vision. Given the stagnation in manufacturing growth and the current challenging climate, whether or not to pursue collaboration isn’t the question manufacturers need to ponder. The question should be, “How can we pursue it and when can we get started?”

http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_pip_innovationbycollaboration_03092011.pdf

We live in times characterised by change and volatility, yet we can be certain of one thing: consumer values, needs, and behaviours will continue to evolve. Consumer 2020 – reading the signs draws together insights into economic and demographic trends, considerations of finite resources, and the ever-more dramatic impact of technology on our daily lives, in order to make some predictions about how our attitudes and patterns of consumption will change over the next decade.

Read the full report . . . . Consumer 2020 – Reading the signs

Visit the Deloitte South Africa website 

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