The Bureau for Economic Research says consumer confidence in South Africa is at extreme lows.
Consumer confidence is at levels last seen amid the Covid–19 pandemic and in the second quarter of 2022 when deadly floods devastated KwaZulu-Natal, and the economic effects of the Ukrainian war started to manifest.
“Anecdotal evidence suggests that many high-income consumers are also investing in backup power, reducing their disposable income.” It could also indicate higher savings due to a perception of a riskier environment, as seen during the Covid–19 pandemic.
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