Consumer confidence improves in the first quarter, survey says

South Africa’s first-quarter consumer confidence improved on the back of an uptick in the confidence levels of high-income households, suggesting retail sales volumes could gradually start to recover, according to a survey released on Monday. The consumer confidence index , sponsored by the First National Bank and compiled by the Bureau for Economic Research, improved to minus 15 points from minus 17 points in the fourth quarter of 2023 and minus 23 points in the first quarter of 2023.

Significantly lower levels of load-shedding and a deceleration in inflation – particularly on the food price front – likely supported consumer confidence during the first quarter,” FNB Chief Economist Mamello Matikinca-Ngwenya said. “However, job losses in the fourth quarter and renewed fuel price hikes in February and March probably countered some of these positive developments, particularly for low-income households.

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