Johannesburg - South Africa's consumer confidence slipped by 5 points to -1 in the third quarter of 2014 compared to previous quarter and remained below the long-term average reading of 5, a survey showed on Thursday.
“To the extent that the May election temporarily bolstered consumer confidence levels during the second quarter, it is not surprising that the CCI lost some ground,” said Sizwe Nxedlana, an economist at FNB, referring to the consumer confidence index.
“Economic realities once again exerted downward pressure during the third quarter.”
However the outlook for consumer confidence was upbeat, Nxedlana said, with household incomes on the mend following the end of strikes in the platinum and engineering sectors, while lower petrol prices should also support consumers' ability to spend. - Reuters