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Jo'burg shoppers remain confident in tight market

By unknown | Jul 17, 2008 | COMMENTS [ 0 ]

Robert Laing

Robert Laing

South African consumers are less gloomy than those in Australia, New Zealand and most other countries.

A biannual comparison of consumer confidence in 22 countries undertaken by banking card association MasterCard found that while South African consumer confidence has slumped from six months ago, we still remain way keener to shop than the world average.

Oil producers Kuwait and Qatar headed the list with 89,4 and 88,6 index points respectively.

Eddie Grobler, who heads MasterCard's African operations, said this was not surprising considering Qatar is now the world's richest nation per head. Kuwaitians are similarly enjoying the oil price boom.

Economist Mike Schussler, who does the South African portion of the survey, said if oil producers were stripped out, the average global consumer confidence for the second half of this year dropped to 50,6 from 57,3 index points.

South Africa's overall consumer confidence index of 74,3 is well above world average despite an 11percent drop from six months ago.

Johannesburg consumers were the most confident at 75,9 points, overtaking Durban shoppers who plunged 12 points to 73,8 from the first half of this year. Capetonians remained the gloomiest at 72,9.

The biggest drop was in expectations of the stock market's performance in the coming six months. Schussler said this was probably because the survey was done while a dip in the all share index was getting extensive news coverage.


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