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Consumers hit hard by crisis - survey

By Kea' Modimoeng | Jan 29, 2010 | COMMENTS [ 0 ]

SOUTH African consumers continued to feel the pinch of the global economic recession during the last six months of 2009, the MasterCard Worldwide Index of Consumer Confidence showed yesterday.

According to the survey, South Africans who struggled through the first recession in 17 years were less confident than they were in January and July 2009, with an overall decrease in consumer confidence currently at 59,8percent from 67,3percent.

The decline was the lowest ever recorded since the survey was first conducted in 2004.

MasterCard general manager Anthony West said with an estimated 1million jobs lost in the SA labour force over the past year and national Treasury announcing a budget deficit of 7,6percent of gross domestic product in the 2009/10 fiscal year, "consumers and businesses seem to have been hit harder by the global economic turmoil than it was first anticipated".


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