South Africans are very optimistic about regular income, according to the results of a MasterCard survey released on Thursday.
The survey is the first-ever MasterIndex of consumer confidence conducted across the South Asia, Middle East and South Africa region and measured the relative optimism of the respondents in the areas of employment, economy, regular income, stock market and quality of life.
The index is calculated based on zero being the most pessimistic, 100 as the most optimistic and 50 as neutral.
The findings show that of the seven countries surveyed in the region, South Africa is the fourth most optimistic overall with a figure of 64,4.
Other countries researched — Kuwait, the United Arab Emirates, Saudi Arabia — were measured as being more optimistic than South Africa with India, Egypt and Lebanon more pessimistic.
“The initial MasterIndex results show that South African consumers have a generally positive outlook for the future. As we are carrying out the survey on a bi-annual basis, it will become a valuable tool to assess current consumer sentiments in South Africa and will establish benchmarks and a mechanism to gather data in future to monitor trends,” said MasterCard senior vice-president and general manager in Southern Africa Eddie Grobler.
One of the key results of the South African consumer lifestyle component was that 48% of respondents said that they would favour enjoying their wealth now while 51% said they would save it until later.
The large majority of consumers (81%) would rather own their own home than a car.
An overwhelming majority (91%) agreed that technology improved their lives.
“The survey has proved to be an excellent barometer of the general consumer pulse and today is much sought after by analysts, academics, and decision-makers in financial institutions, government agencies and multinational organisations across the Asia Pacific region,” the company said.
“The survey is highly regarded by pundits as a valuable tool in the anticipation and understanding of shifts in consumer sentiment, as well as in the identification of the market paradigm.” — I-Net Bridge