Subscribe & Follow
Advertise your job vacancies
Trending
Jobs
- Sales, Marketing and Financial Advisory Durban
- Branch Manager Johannesburg
- Account Executive Plumstead
- Content Creator Cape Town
- Marketing Specialist - Pet George
- Marketing Specialist- Motor, Warranty and Business George
- Web Specialist Johannesburg
- Paid Media Specialist Cape Town
- Marketing and Business Development Specialist Johannesburg
- Brand and Marketing Manager Cape Town
Consumers hurting after latest rate hike
Consumers expect last week's 50 basis point rate hike to hurt their pockets substantially – so say the vast majority of respondents in a Fin24.com online poll conducted last week.
Ten percent (10%) of respondents believe that the hike was an unnecessary adjustment as spending has already slowed down substantially while twenty eight percent (28%) are convinced that it was not enough to quell the domestic thirst for credit. Sixty one percent (61%) say that the latest rate hike will substantially hurt the consumer who is already hard pressed to make ends meet.
While economists maintain that the South African Reserve Bank is edging toward rate hike overkill, Fin24.com editor David MacKay warns that consumer confidence has hit an all time low this year. “Consumer spending drives near 60% of GDP,” says MacKay, “and incessant spikes in the cost of living will take a severe toll on growth this year.”
If one were to draw an analogy between consumer sentiment and Eskom alerts, a recent online measure places the consumer confidence in the critical ‘Brown' stage, he says.
