South Africa Consumer Confidence Edges Up In Q3

2026-09-17 08:30 By Luisa Carvalho 1 min. read

The FNB/BER Consumer Confidence Index for South Africa came in at -13 in Q3 2026, up from -19 in Q2, which was the lowest reading since Q1 2025.

The survey showed the improvement was largely underpinned by stronger confidence among lower-income households, which faced less exposure to recent interest-rate increases and benefited from easing food-price pressures.

By contrast, confidence levels of high-income consumers, who have the greatest spending power in the economy, remains very low.

Against this backdrop, uncertainty over the Middle East war and the prospect of higher interest rates are likely to keep consumer spending subdued in the months ahead.

"Shoppers will likely remain cost-conscious and prioritise necessities over discretionary spending in the run-up to the festive season, suggesting that consumer spending growth will remain muted and that value-for-money retailers may outperform higher-end brands," FNB Chief Economist Mamello Matikinca-Ngwenya said.



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South Africa Consumer Confidence Edges Up In Q3
The FNB/BER Consumer Confidence Index for South Africa came in at -13 in Q3 2026, up from -19 in Q2, which was the lowest reading since Q1 2025. The survey showed the improvement was largely underpinned by stronger confidence among lower-income households, which faced less exposure to recent interest-rate increases and benefited from easing food-price pressures. By contrast, confidence levels of high-income consumers, who have the greatest spending power in the economy, remains very low. Against this backdrop, uncertainty over the Middle East war and the prospect of higher interest rates are likely to keep consumer spending subdued in the months ahead. "Shoppers will likely remain cost-conscious and prioritise necessities over discretionary spending in the run-up to the festive season, suggesting that consumer spending growth will remain muted and that value-for-money retailers may outperform higher-end brands," FNB Chief Economist Mamello Matikinca-Ngwenya said.
2026-09-17
South Africa Consumer Confidence Slips in Q2
The FNB/BER Consumer Confidence Index for South Africa plummeted to -19 in Q2 2026 from -7 in the previous period, marking the lowest since Q1 2025. The decline reflected weaker spending intentions as soaring fuel costs linked to the Middle East conflict strained household budgets, especially among middle- and high-income groups. All three sub-indices declined, with the economic outlook sub-index slipping to -32 points from -14, while the household finances index dropped to zero from 12. FNB Chief Economist Mamello Matikinca-Ngwenya also noted some impact from the recent rate hike by the South African Reserve Bank, which could further weigh on sentiment in coming months.
2026-06-23
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