South Africans are returning to shopping malls, the latest PwC report on consumer confidence has revealed.
According to the report released on Monday, the Bureau for Economic Research found that its consumer confidence index (CCI) was “less pessimistic during the third quarter”.
“The survey period (August 11-21) for the latest CCI straddled a key speech by President Cyril Ramaphosa where he announced the country would move to level 2 lockdown ...
“This improved survey respondents’ outlook on household finances and the present time being appropriate for purchasing durable goods like furniture, appliances, sports equipment and toys,” said PwC's Lullu Krugel. “Nonetheless, consumer sentiment remains — understandably — negative.
“The Unemployment Insurance Fund (UIF) received more than 10 million applications for the Temporary Employer/Employee Relief Scheme (TERS) — highlighting the depth of income loss across the country since the lockdown started late in March,” said Krugel.
“Data from Google shows that by the start of September, workplace activity in SA was still 28% below levels seen at the start of the year.”