by SAVIOUS KWINIKA
JOHANNESBURG, (CAJ News) – A MAJORITY of women (80 percent) seek side hustle opportunities as a result of the rising cost-of-living crisis.
This is according to a new global research study commissioned by Avon, the personal care, cosmetics and makeup brand.
The findings bring into the spotlight the impact of the rising cost of living on the livelihood of women worldwide.
The results come from a global study of women across eight countries in three continents, as beauty giant Avon and its team of scientists and experts discover just how women are being affected by the cost-of-living crisis – and how the brand can help.
A huge 98 percent of women globally have been affected by the cost-of-living crisis, with over half of women feeling anxious about the future (57 percent), and over a third of women feeling out of control when it comes to finances (35 percent) and guilty that they can’t provide enough for their family (34 percent).
In South Africa, the effects of an ailing economy are exacerbated by load shedding which continues to have an adverse effect on economic growth in an environment where the devastating effects of the pandemic are still felt.
Revenue losses brought about by power cuts are estimated to be around R700 million (US$40,67 million) daily, which compromises the ability to create and sustain jobs and businesses.
Findings indicate 4 in 5 women worldwide have or are considering taking up a side hustle to help with the cost-of-living increase.
While over half of these women (54 percent) are doing so to help pay their bills, one in three women (36 percent) want to be able to afford the little luxuries they used to have, such as takeaway meals, coffees and new clothes.
A fifth of women (21 percent) want to continue being able to buy their favourite beauty products.
To circumvent this, Avon is rolling out its Impact Challenge that it committed to as part of its 136 year anniversary celebrations.
“We are aware that aspiring entrepreneurs are dissuaded from starting their business by the capital outlay required or the hassle that comes with starting a business,” Mafahle Mareletse, Managing Director of Avon in Turkey, Middle East and Africa, said.
“Avon is aware of these challenges hence it makes it very easy for micro-entrepreneurs to realise their own ambitions and have enhanced our relationship selling model to provide further flexible opportunities to grow financially.”
The Impact Challenge intends on continuing the organisation’s legacy of creating better futures for women.
– CAJ News