Consumer confidence fell further at the start of 2020, as SA’s already rocky start to the year soured on the back of the global ramifications of the coronavirus.
The CCI's decline was driven by a fall in the time-to-buy durable goods subindex, which measures consumers’ views of the appropriateness to buy items such as vehicles, furniture and household appliances. This index fell to a 33 year low of -26 in the first quarter of 2020, according to a statement from FNB.
Ahead of the print, expectations were for a decline to -10 according to a Bloomberg survey of four economists. The index is a measure of households’ confidence in the economy and sentiment regarding their financial position. The neutral mark for the index is considered to be +2. “High-income consumers now appear to be particularly attuned to SA's grim economic reality, and consumers in general are signalling that they will postpone their durable goods purchases as much as possible,” she said in the release.
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