South Africans are known for their consumer optimism, but financial hardship is changing that.
Consumer optimism is on the decrease as South Africans battle financial hardship and household incomes remain under pressure due to the Covid-19 pandemic, with 50% of respondents in a survey saying their finances have still not recovered, while 61% said their household income was still impacted.
TransUnion conducted the online survey in partnership with third-party research provider, Qualtrics® Research-Services among 1,100 adults between 10 and 16 August, a month after the civil unrest and during the peak of the third wave of Covid-19 cases. Less than half said they were confident that their household finances will fully recover over the next 12 months compared to 52% in June
Opportunities for credit growth are also not great although the study shows a clear consumer appetite for credit:only 33% believe they currently have sufficient access to credit43% plan to apply for a new personal loan43% considered applying for new credit or refinancing existing credit, but decided not to32% believed their application would be rejected due to low income or their employment status.
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