Consumer confidence will take a knock following the downgrade of South Africa’s credit rating to junk status by agencies Fitch and Standard & Poor’s. Leading up to the downgrade, South Africa had been faring well in terms of consumer confidence and was showing signs of improvement. According to the emerging consumer survey by Credit Suisse, the country was heading towards economic growth in 2018, provided it steered a clear path through political, judicial, legislative and credit rating events in 2017. Consumers are likely to have none of that. So is it doom and gloom? Warren Ingram is here to take us through that.
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