Harare - Delta Corporation, the Zimbabwean affiliate of SABMiller [JSE:SAB], reported a 20% drop in lager sales for the first nine months to December, a sign consumers were feeling the pinch of a flatlining economy.
Delta, Zimbabwe's largest listed company, said in a statement on Tuesday that consumer spending, previously higher during the traditional December holiday peak, was subdued and total revenue for the period was down 6%.
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Soft drinks volumes were also lower but sales of sorghum beer were up 8% as consumers shift to cheaper alternatives, the company which is 38% owned by global brewing giant SABMiller, said.
Zimbabwe's economy is expected to be flat at 3.2% this year as businesses battle with high costs, debt and electricity shortages in a country struggling to attract new investment.