Confidence amongst wealthy South Africans is at a three-year high, with improvements possibly sitting around the corner.
Consumer confidence among South Africans earning over R20,000 is at a three-year high, and further improvements could occur if the Government of National Unity remains intact.
FNB said that the increase in the CCI over the quarter was due to a further improvement in the economic outlook sub-index and a small increase in the sub-index measuring the appropriateness of the present time to buy durable goods, such as vehicles and furniture. The household finances sub-index stayed steady at 8 during the second quarter after three consecutive upticks:A breakdown of the CCI per household income group showed that the slight improvement in overall confidence was driven by upticks in the confidence levels of middle—and low-income households.The confidence of low-income households improved from -16 to -10.
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