In a shifting economic landscape, South African consumers are finding reasons for optimism as financial confidence grows.
South Africa n consumers are optimistic as financial confidence grows, yet challenges surrounding credit access and digital fraud remain critical concerns to be addressed. Picture: Pixabaygrowth is higher than in previous quarters, with 79% of respondents expecting their income to increase in the coming year.On the other hand, 20% of households reported a decline in income in Q4, a slight improvement over the previous quarter, while 42% of households said their income remained the same.
According to Adams, with some economists expecting inflation to slow further in Q4, consumers are gaining greater financial stability. The most common cost cutting measures are: reductions in digital services and cancelled memberships . Interest in new credit is strongest among Gen Z and Millennials consumers, with credit cards, personal loans, and ‘buy now, pay later’ services are among the most sought-after options.
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