Stokvels What’s in the stokking?
Among the festive gloom this year is a ray of light: Stokvels hold almost R50billion (yes, that’s illion with a b) in savings, and they’re about to go shopping. They’re not going to blow all of it at once, mind you, but according to the Old Mutual Savings and Investments Monitor, about 18% of them, holding around R8.8billion in savings, have been set up exclusively to buy groceries. For retailers ready to serve these savings clubs, this is good news. Take Makro, for example – an individual store could have as many as 200 stokvels on its books, offering them not just bulk discounts, but separate till points and deliveries to designated areas.
Comment: A grand South African institution, insufficiently celebrated.