South Africa Consumer Sentiment at Over 1-Year High

2026-03-24 08:21 By Luisa Carvalho 1 min. read

The FNB/BER Consumer Confidence Index for South Africa edged up to -7 in Q1 2026, the second consecutive quarterly increase, from -9 in the previous period.

This was the highest reading since Q4 2024, supported by lower interest rates, soaring stock prices and a stronger currency.

The survey, which was conducted before the Middle East conflict began in late February, showed improved confidence among high-income households.

In contrast, lower-income groups grew more pessimistic due to weak employment growth in late 2025 and stricter social grant compliance rules.

"Unfortunately, the ripple effects from the Iranian war may well see a U-turn in high- and middle-income confidence during the second quarter," said FNB Chief Economist Mamello Matikinca-Ngwenya.



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South Africa Consumer Sentiment at Over 1-Year High
The FNB/BER Consumer Confidence Index for South Africa edged up to -7 in Q1 2026, the second consecutive quarterly increase, from -9 in the previous period. This was the highest reading since Q4 2024, supported by lower interest rates, soaring stock prices and a stronger currency. The survey, which was conducted before the Middle East conflict began in late February, showed improved confidence among high-income households. In contrast, lower-income groups grew more pessimistic due to weak employment growth in late 2025 and stricter social grant compliance rules. "Unfortunately, the ripple effects from the Iranian war may well see a U-turn in high- and middle-income confidence during the second quarter," said FNB Chief Economist Mamello Matikinca-Ngwenya.
2026-03-24
South Africa Consumer Sentiment Hits 1-Year High
The FNB/BER Consumer Confidence Index for South Africa rose to -9 in Q4 2025, marking a one-year high, up from -13 in the previous period, likely influenced by holiday-season spending. All three sub-indices, including the economic outlook, household financial outlook, and timing for durable goods purchases, improved, with the strongest gain in the latter, which reached a six-year high. “Apart from a further interest rate cut and an appreciation in the rand exchange rate, a number of other positive developments likely buoyed consumer sentiment towards the end of the year,” FNB chief economist Mamello Matikinca-Ngwenya said. Among these were lower petrol prices, slowing food inflation, and an increase in Q3 employment.
2025-12-09
South African Consumer Sentiment Weakens in Q3
The FNB/BER Consumer Confidence Index for South Africa slipped to -13 in Q3 2025, from -10 in the previous period. The index stays well below the historical average of -1, indicating a greater degree of pessimism. Weak job creation, rising inflation, and dwindling two-pot funds have likely started to weigh on the confidence levels of the middle class,” said FNB Chief Economist Mamello Matikinca-Ngwenya. She warned that waning consumer confidence will likely translate into a more pronounced slowdown in real household expenditure growth toward the final quarter of the year.
2025-09-25