south africa's consumer confidence index climbs to nearly five-year high
2024-09-18
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johannesburg, september 17 (china news service) - the latest data shows that south african consumer confidence recovered further in the third quarter, reaching its best level since 2019. this growth was mainly driven by high-income and middle-income households.
the consumer confidence index (cci), sponsored by first national bank (fnb) and compiled by the bureau of economic research (ber), released its third quarter data on the 17th. the study showed that the index rose five points month-on-month to -5 in the third quarter.
although the index is still in negative territory and below its long-term average of 0 since 1994, it suggests that consumer sentiment is still depressed but has improved.
data shows that the confidence of high-income households (income of more than 20,000 rand per month) rebounded to a five-year high of -6 in the third quarter; the confidence of middle-income households (income between 5,000 and 20,000 rand per month) increased from -17 in the first quarter to -4 in the third quarter. the consumer confidence of low-income households in the third quarter fell from -4 in the second quarter to -7.
according to reuters and south african media daily maverick, fnb chief economist mamello matikinca-ngwenya said in an interview that a series of positive changes have boosted the confidence of wealthy consumers in south africa over the past six months. relevant factors include: slowing food inflation, the establishment of a national unity government, improved power outages, the appreciation of the rand exchange rate, and a sharp drop in fuel prices.
in addition, the dual-account pension system implemented in south africa on september 1 has released cash flow. according to local business media estimates, about 4.1 billion rand of retirement savings have been withdrawn in the first week of the implementation of the system. the new system divides retirement savings into "retirement accounts" (accounting for two-thirds) and "savings accounts" (accounting for one-third). the latter is flexible in withdrawal, which has stimulated a large amount of early withdrawal of retirement savings.
source: china news network
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