Consumer confidence rises in fourth quarter

South Africa’s consumer confidence increased further to +6 in the fourth quarter from +1 previously, a survey conducted by the First National Bank (FNB) and the Bureau for Economist Research (BER) showed on Tuesday.

FNB and the BER said in a statement a greater majority of consumers “feel positive about the economy’s outook and about their own finances these next 12 months”.

The local economy exited its first recession in almost two decades in the third quarter, but demand-related sectors are still struggling.

FNB chief economist Cees Bruggemans said a sizeable majority of consumers were still cautious about spending money on durable goods and the coming quarters should show steady improvement in confidence as consumption takes hold and spreads wider.—Reuters