Consumer confidence in South Africa has climbed to its highest point in five years, fueled by a stable electricity supply, improved economic outlook, and the implementation of the two-pot retirement system.
JOHANNESBURG - The implementation of the two-pot retirement system has given consumers reason to spend big again, as households show early signs of a willingness to open their purses.
Although the latest reading remains below the long-term average of the , the reading of negative five is the highest confidence has been since the first half of 2019. In the second quarter, confidence was mostly driven up by a major improvement in the economic outlook sub-index on the back of a stable electricity supply.
“A confluence of positive developments has bolstered the confidence levels of South Africa’s more affluent consumers over the last six months. These include the formation of a Government of National Unity, the absence of load shedding, a stronger rand exchange rate, substantial fuel price declines, a deceleration in inflation, and expectations of interest rate cuts in coming months," said Matikinca-Ngwenya.
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