Consumers in South Africa are still downbeat on the economy – but higher income earners have shown a striking shift.
High-income households – those with earnings of more than R20,000 – saw a huge rebound in their confidence levels from -40 in Q2 2023 to -17 in Q3.
“While the financial pulse of the nation remains weak, there appears to be some light at the end of the tunnel for consumers,” FNB Chief Economist Mamello Matikinca-Ngwenya said The decline in load shedding, the further investment in alternative power supplies, and diminished concerns over ties with the West also heartened consumers.
Consumer sentiment regarding the outlook for their household finances should remain at sub-par levels during the first three quarters of 2023.
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