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SA consumer confidence struggles amid 48-month slump

South Africa’s consumer confidence has been subdued for the longest streak since the early 1980s.

Statistics generic. Picture: Freeimages.

CAPE TOWN - South Africa’s consumer confidence has been subdued for the longest streak since the early 1980s.

That’s according to the Bureau for Economic Research (BER), which released its latest Consumer Confidence Index earlier on Wednesday.

The Institute surveys 2,500 urban individuals to gather the information with a reading below zero translating to low levels of confidence.

The BER’s latest data shows business confidence is struggling amid a 48-month long slump.

Despite a pick-up from the previous period, the Consumer Confidence Index for second quarter still came in at -9.

The institute says there has been a reversal in economic prospects as well. In the first quarter business remained positive that South Africa’s economic fortunes would make a U-turn in 12 months’ time.

But the latest data reveals this view has reversed dramatically according to the BER and this can mainly be attributed the credit rating downgrades and the recession.

The household financial outlook sub-index further indicates that fewer South Africans expect their finances to improve over the next year.

The bureau adds that gains from lower inflation has been offset by lower than normal salary increases and higher personal taxation leaving people no better off than before.

(Edited by Zamangwane Shange)