Consumer confidence improves a little in the second quarter

After a sharp drop in the first quarter 2019, consumer confidence picked up in the second quarter, given a slight boost by post-election optimism.

The latest reading is marginally above the long-run average reading for the index of two points since 1994, suggesting that a slight majority of consumers expect the outlook for the SA economy and their own household finances to improve over the next 12 months, FNB said on Wednesday. Consumer confidence had plummeted in the first quarter of 2019 to levels last seen during the last weeks of Jacob Zuma’s presidency. This is in stark contrast to the first quarter of 2018 when consumer sentiment soared to a record high of 26 after President Cyril Ramaphosa took over from Zuma. However, it remains higher than the depressed levels recorded between 2015 and 2017.

“More importantly, the opportunity to vote in SA’s sixth democratic election since the end of apartheid most likely buoyed consumers’ hopes for the future, as has typically been the case in previous general elections,” she said.

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