After the 2016 currency devaluation and IMF-backed economic reforms that led to an increase in the prices of necessities such as fuel, electricity and basic foods, Egyptian consumers began to rationalise their spending habits. Many began to opt for cheaper brands, or stopped purchases in certain categories altogether. Fast-moving consumer goods (FMCGs) and food retailers were particularly affected by the changes, as high inflation drove down demand. However, a fall in the unemployment rate – from 10.9% in FY 2018/19 to 8.6% in FY 2019/20 – has resulted in a slight improvement in consumer spending. According to a February 2020 report from Fitch Solutions,