{"id":984,"date":"2020-12-15T17:56:42","date_gmt":"2020-12-15T17:56:42","guid":{"rendered":"https:\/\/www.africa-press.com\/south-africa\/?p=984"},"modified":"2020-12-15T17:56:42","modified_gmt":"2020-12-15T17:56:42","slug":"consumer-confidence-expected-to-remain-subdued-despite-sentiment-inching-up","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/consumer-confidence-expected-to-remain-subdued-despite-sentiment-inching-up","title":{"rendered":"Consumer confidence expected to remain subdued despite sentiment inching up"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>JOHANNESBURG – CONSUMER confidence in South Africa is expected to remain subdued despite sentiment inching up slightly in the fourth quarter amid further relaxation of Covid-19 restrictions.<\/p>\n

The Bureau for Economic Research (BER) said yesterday that the FNB\/BER Consumer Confidence Index (CCI) rose to -12 index points in the fourth quarter, from -23 in the previous period.<\/p>\n

This was still the lowest festive season reading since 2015, and was below the average reading of 2 index points since 1994 as consumers were concerned about the future.<\/p>\n

The index, however, has now regained most of its lost ground after crashing to a 35-year low of -33 index points at the height of the Covid-19 outbreak during the second quarter.<\/p>\n

All three sub-indices of the CCI rose handsomely during the fourth quarter.<\/p>\n

FNB chief economist Mamello Matikinca-Ngwenya said the further easing of restrictions and an uptick in economic activity had greatly benefited low-income households.<\/p>\n

Matikinca-Ngwenya said low-income households and the unemployed would also have been relieved to hear of the extension of Covid-19 social relief grants.<\/p>\n

She said that these Covid-19 measures, combined, amounted to an additional R6 billion to R7bn of disposable income for poor households per month.<\/p>\n

Matikinca-Ngwenya said slight declines in petrol and paraffin prices may also have bolstered low-income confidence during the fourth quarter.<\/p>\n

\u201cThe rebound in consumer confidence is good news for the broader South African economy, as household consumption accounts for roughly two-thirds of South Africa’s GDP,\u201d Matikinca-Ngwenya said.<\/p>\n

\u201cHowever, the fact that the confidence levels of affluent consumers are still so depressed points to a more muted recovery in overall consumer spending during the fourth quarter compared to the noticeable jump witnessed in the CCI.\u201d<\/p>\n

The BER warned that the resurgence of Covid-19 infections and renewed restrictions could also weigh on consumer sentiment and hamper the pace of recovery in household expenditure during the first quarter of 2021. Non-durable goods sales are expected to outshine the other consumer spending categories heading into the new year, but this could come under pressure once the Covid-19 welfare payments had expired.<\/p>\n

Old Mutual’s Izak Odendaal said that household consumption rebounded strongly but unevenly.<\/p>\n

Odendaal said real spending on durable goods was almost back to pre-pandemic levels, while spending on non-durable goods rebounded strongly and had almost recovered earlier losses.<\/p>\n

\u201cHowever, spending on semi-durable goods, including clothing, is still well below pre-pandemic levels in real terms. Income-constrained households are putting off clothes purchases, while office workers have not had to update wardrobes as much,\u201d Odendaal said.<\/p>\n

\u201cSpending on services, including restaurants, travel and entertainment, is also below pre-pandemic levels.<\/p>\n

\u201cThe recovery seems somewhat stronger than initially expected, and there are some positive supporting factors. The big risk is the second wave of Covid-19 cases.\u201d<\/p>\n

BUSINESS REPORT<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. JOHANNESBURG – CONSUMER confidence in South Africa is expected to remain subdued despite sentiment inching up slightly in the fourth quarter amid further relaxation of Covid-19 restrictions. The Bureau for Economic Research (BER) said yesterday that the FNB\/BER Consumer Confidence Index (CCI) rose to -12 index points in the fourth quarter, from […]<\/p>\n","protected":false},"author":84,"featured_media":983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,275],"class_list":["post-984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-south-africa-2"],"yoast_head":"\nConsumer confidence expected to remain subdued despite sentiment inching up - South Africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/consumer-confidence-expected-to-remain-subdued-despite-sentiment-inching-up\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consumer confidence expected to remain subdued despite sentiment inching up\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – South-Africa. JOHANNESBURG – CONSUMER confidence in South Africa is expected to remain subdued despite sentiment inching up slightly in the fourth quarter amid further relaxation of Covid-19 restrictions. 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