The latest FNB/BER Consumer Confidence Index shows that the big drop mirrors the substantial deterioration in retailer sentiment during the first quarter.
Retailer confidence contracted to 34 from 42 index points, the weakest level since the second quarter of 2020.
The about-turn in consumer confidence has been characterised by a sharp drop in consumer’s willingness to spend in the current climate.FNB chief economist Mamello Matikinca- Ngwenya says the trend is doubly alarming for the outlook for household expenditure, as affluent consumers also have the greatest spending power.
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