Consumer confidence in South Africa has taken a nosedive.
South African consumers are highly stressed and hold no high hopes for an easier time in 2023, the latest FNB/BER Consumer Confidence Index shows – but wealthier consumers, with the greatest spending power, are the most down in the dumps.
The consumer confidence index score is expressed as a net balance, and reflects consumers’ views on the economy and willingness to spend. According to the BER, a rise in consumer confidence reflects an increased willingness of consumers to spend. However, this willingness only translates into actual sales if consumers’ ability to spend improves.
The household financial outlook sub-index of the CCI fell 14 index points to -1 during the first quarter, reversing the gains made during the 2022 festive season.
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