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As confidence remains in the doldrums, consumers are changing their spending habits, according to a survey by Nielsen.
The Nielsen consumer confidence index, based on a sample of internet users with quotas based on age and gender, remained at 90 in the third quarter of 2018 from the previous quarter, as South Africans await an economic turnaround.
“South African consumers have faced a number of economic challenges during 2018, putting increased strain on their wallets, including increasing unemployment, a 1% VAT increase and petrol price hikes,” Nielsen Africa MD Bryan Sun said. According to the survey, South Africans remain concerned about job prospects, with only 34% seeing them as excellent or good in the next 12 months compared to 35% the previous quarter.
However, 62% have a positive outlook about the state of their personal finances over the next 12 months, up from 61% in the second quarter.
The major concerns for consumers are the economy at 33%, followed by job security at 2...
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