Despite a large drop in coronavirus infections and a welcome easing of Covid-19 regulations since December, the FNB/BER Consumer Confidence Index (CCI) declined from -9 to -13 index points in Q1 2022 on the back of Russia’s invasion of Ukraine.
Consumer confidence surveys provide regular assessments of consumer attitudes and expectations and are used to evaluate economic trends and prospects. The surveys are designed to explore why changes in consumer expectations occur and how these changes influence consumer spending and saving decisions.
“The marked decline in the confidence levels of affluent consumers can largely be explained by the alarming images of Russia’s military invasion of Ukraine, unprecedented sanctions against Russia and the unfolding economic ramifications of this conflict. “Even though low-income confidence remained seemingly impervious to the economic toll of the war during the first quarter, less affluent households will eventually be the hardest hit by spiralling fuel and food prices, as these categories make up a proportionally larger share of their household budgets compared to that of wealthy consumers,” said Matikinca-Ngwenya.
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