Consumer confidence 'slips to a historic low'

SOUTH AFRICAN consumer confidence has continued its downward trend, according to the Mastercard Worldwide Index of Consumer Confidence.

There has been a decrease in the overall confidence score from 58,9 last year, declining 58,6 six months ago to a current score of 54,7.

"While the latest Index results show consumer confidence slipping to a historic low, South African consumers nevertheless continue to remain on the positive side of the scale," Anna Jones, area manager, Southern Africa: MasterCard Worldwide, says.

Now in its seventh year, and released twice a year, the Index is based on a survey which measures consumer confidence on prevailing expectations in the market for the next six months based on five economic indicators: economy, employment, stock market, regular income and quality of life.

The latest survey was conducted from September 13 to the November 11 2010 and involved 10502 consumers from 24 markets.

Economic adviser Roelof Botha said it was important to take the timing of the survey into account.

Out of a total of 24 markets surveyed, 14 recorded declines in their consumer confidence levels during the survey period.