Post-Covid “Nesting” trend boosted by weddings and work from home

Year 2022 has been a year of observation and adaptation to market demands for the Commerce sector worldwide. While circulation of people, goods and services restarted, however it was still fresh when the Russia-Ukraine geopolitical shock further unsettled supply chains, impacting costs of raw materials and products. As for the working population, it mostly resumed work back to the office setting. However, remote work also became ingrained in society.

Meanwhile, social events, such as weddings and religious gatherings, which were abruptly interrupted and dampened by restrictions, came back full swing. According to Statistics Mauritius, the number of marriages registered in 2022 was 9,558, an increase of 16.8% from year 2021. In this context, the post-Covid “home nesting” trend largely benefited the Commerce industry. The overall turnover results added up to Rs 23.7 Bn, an increase of 28% compared to year 2021. Overall profits before tax amounted to Rs 1.33 Bn, a 19% year-to-year increase. However, fuel and freight costs combined with the depreciated rupee value contributed to lower margins for some major suppliers.

Courts Mammouth remains the leader as provider of a variety of products, from furniture to electrical appliances. It was selected as Best Online Shopping Retailer 2022 by the Africa Excellence Awards following excellent service rendered via online orders and speedy delivery. Courts Mammouth remained on the top ranking with a turnover of Rs 3.3 Bn. However, its profits decreased from Rs 168 M to Rs 61 M. Likewise, TheBrandHouse Limited and J.Kalachand saw their profits decline in year 2022. These groups had to face sharper competition from smaller groups and companies. Espace Maison, for example, had a turnover of Rs 1.2 Bn and PBT of Rs 57 M, a rise of 160% from year 2021.

The boom of weddings and social gatherings boosted the growth of Jetha Tulsidas, whose turnover rose from Rs 250 M to Rs 613 M (+145%), while its profits shot up from Rs 14 M in 2021 to Rs 51 M (+255%) within one year. The Sports sector also regained momentum with some serious competition looming ahead with the future opening of a second Decathlon outlet in the north of Mauritius. In year 2022, City Sports had a turnover of Rs 584 M while All Sports had a turnover of Rs 398 M.