SA’s electricity supply woes and deepening cost of living concerns have sent consumer confidence plunging to levels last seen in the third quarter of 2020, during a time when economic activity was stalled by Covid-19 lockdowns. Moneyweb NtandoThukwana
South Africa’s electricity supply woes and deepening cost of living concerns have sent consumer confidence plunging to levels last seen in the third quarter of 2020, during a time when economic activity was stalled by Covid-19 lockdowns. The quarterly Consumer Confidence Index that measures the mood of consumers in South Africa, dropped to -23 for the first quarter of 2023, FNB and the Bureau for Economic Research said on Thursday.
At these levels, consumer confidence is in line with the weak sentiment that prevailed in the third quarter of 2020, when the South African economy contended with level 3 Covid restrictions, alcohol bans, school closures and curfews, FNB said. The CCI reading is also close to levels seen during the second quarter of 2022, when KwaZulu-Natal experienced deadly floods and the economic impacts of Russia’s war in Ukraine started to manifest.
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