Consumer confidence in South Africa drops to historic lows: index

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Despite the lifting of almost all Covid restrictions and improved business sentiment, the FNB/BER Consumer Confidence Index (CCI) plunged to -25 in the second quarter of 2022, having already slipped from -9 to -13 index points during the first quarter of 2022.

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Consumer confidence surveys provide regular assessments of consumer attitudes and expectations and are used to evaluate economic trends and prospects. The surveys are designed to explore why changes in consumer expectations occur and how these changes influence consumer spending and saving decisions.

“Having already slumped from -11 to -18 index points in the first quarter, the confidence level of high-income households crashed to -30 in the second quarter.” “Whereas spiralling food and fuel prices are probably of primary concern to less affluent households, the prospects of further steep interest rate hikes and sinking share prices on the JSE would have compounded the inflationary pressures when it comes to middle- and high-income households.”

“Save for the panicked level 5 lockdown period during the initial outbreak of the Covid pandemic in South Africa,“While household consumption expenditure still surprised on the upside in the first quarter of 2022, the dramatic deterioration in confidence points to a sudden slump in consumers’ willingness to spend and foreshadows a significant slowdown in real consumer spending growth relative to the strong first quarter.

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It has been low since 1994

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