The FNB/BER Consumer Confidence Index (CCI) plunged to -25 in the second quarter of 2022. According to the June data release, this was the lowest reading, apart from the -33 recorded in the second quarter of 2020 – when the sudden outbreak of the COVID pandemic and subsequent implementation of level 5 lockdown pummelled sentiment. The current reading is the second lowest in more than 3 decades. Whereas official data shows that the growth in real consumer spending remained robust (3.2% year-on-year) during the first quarter of 2022, the dramatic deterioration in consumer sentiment could signal a marked slowdown in consumer spending in coming months.
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