More than a quarter of respondents surveyed by global consultancy NielsenIQ only had enough money for food, shelter and basic goods.
The survey results come as no surprise to local economists, who say that the pressure on the disposable incomes of consumers have been building for some time, given rising interest rates and the soaring costs of food and fuel. It also noted that transport costs were among the top categories that consumers planned to spend more on in 2023 . The report also flagged that even with the additional burdens on family spending, consumers were still planning to spend as much on groceries and household items in 2023 as before .
Stanlib chief economist Kevin Lings said it is"tough out there" for consumers, adding that confidence levels were also well below average due to a variety of reasons such as rising inflation, concern about electricity supply and water and sanitation services. "The problem is that once you’ve spent your money on things like transport and food, your utilities, water sanitation and electricity, you have very little money left over if you are getting a 5% wage increase because those items are taking up a disproportionate amount of your disposable income."
_Business True, the ANC has worked tirelessly to achieve this!!
_Business Bullshït. It's more than 25%. What was the sample and where? I can see what's going on around me - on the ground. People are not coping. Add me to that list. Things are completely out of hand.
_Business Thanks to the presidency of CR.
_Business Ziyakhala
_Business True