😩Consumers are worried about South Africa’s economic prospects and their household finances and are less inclined to spend their money. Read the full story here 👇
The alarming decline in consumer confidence in the first quarter of the year shows how consumers are battling with the electricity crisis and cost-of-living concerns. The confidence of high-income households deteriorated the most, almost reaching the lowest level ever of the second quarter of 2020. After the FNB/BER Consumer Confidence Index recovered from -20 to -8 index points during the fourth quarter of 2022, it plunged to -23 index points.
The reading of -23 is the third lowest CCI reading on record since 1994 and indicates extreme concern among consumers about South Africa’s economic prospects and their household finances. The confidence levels of high-income households that earn more than R20 000 per month deteriorated the most, crashing from -10 to -31 index points.
The large decrease in consumer confidence Index mirrors the substantial deterioration in retailer sentiment during the first quarter that decreased from 42 to 34 index points, the weakest level since the second quarter of 2020.
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