South African consumers face more pain from potential global trade wars and fuel increases, global payments company Mastercard said on Tuesday.The retail sector has been flailing in recent months, with consumers feeling the strain of VAT increases and three consecutive months of fuel price increases.Consumer spending accounts for more than 60% of GDP. The economy is still reeling from a weak first quarter in which the sector contributed significantly to the decline."It’s brutal. The ongoing fuel price hikes is the number one risk to global growth, but the global trade wars are SA’s biggest macroeconomic concern. Consumers need to watch this closely," said Mastercard senior vice-president of market insights, Sarah Quinlan.SA imports most of its petroleum products from abroad at prevailing global prices and exchange rates."If consumers spend more on transport, they will have less to spend on any discretionary items," said Old Mutual Multi-Managers chief investment strategist Dave Mohr...
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