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24.03.202608:21:18UTC+00South Africa Consumer Sentiment at Over 1-Year High

South Africa’s FNB/BER Consumer Confidence Index rose to -7 in the first quarter of 2026, up from -9 in the previous quarter. This marks the highest level since the fourth quarter of 2024, driven by lower interest rates, surging equity markets, and a stronger rand.

The survey, conducted before the outbreak of conflict in the Middle East in late February, revealed a notable improvement in confidence among high-income households. By contrast, sentiment among lower-income groups deteriorated, weighed down by weak employment growth in late 2025 and tighter compliance requirements for social grant beneficiaries.

“Unfortunately, the ripple effects of the Iranian war may well trigger a reversal in high- and middle-income confidence during the second quarter,” said FNB Chief Economist Mamello Matikinca-Ngwenya.

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