Guiding consumers since 2009

Consumers feeling more confident

By Staff Writer

Well it may be April Fools day today, but apparently we are feeling a bit more confident about the economy. Consumers that is.

Business confidence is not so rosy.

The Bureau for Economic Research (BER) has released the latest data measuring how confident we feel about the economy, and we are flying in the face of the global economy by actually being more positive.

In South Africa we think things are going to get better sooner rather than later.

Business Unity South Africa has been projecting a quick end to the economic slump, that while it may be turning into a big old depression overseas, it could be only a pothole here.

Not great for your suspension, but not going to cause a crash either.

The financial papers had a look at this data and here are some of the comments they made.

The Mail and Guardian quoted the BER as saying 'lower interest rates, decreasing fuel costs and a slowing rate of inflation contributed to the rise in consumers confidence'.

There has been very sound and prudent management of the South African economy over the last few years and this has led us to be in great shape to weather the global financial storm.

Business Day noted that the CCI or consumer confidence index rebounded from -4 when it was last conducted in November last year to +1 for the first quarter of this year.

This is completely contrary to how the rest of the world feels right now.

Yet another reason why it's great to live in South Africa.

The Dispatch in their report on this data stated that 'Credit spending would remain weak, but any rise in real disposable income should lead to increased consumer spending on non-durable goods and services'.

Debt still remains a worry for many people and iAfrica published a great little article on keeping your credit record intact and how to access your credit record.

iAfrica also looked at the consumer confidence story and came in with the headline 'More smiles at SA tills'.

Well it's a good idea to keep on smiling but and even better idea to know what you have to smile about.

If you plan a budget regularly you will know exactly how much extra cash you have got in your pocket.

This allows you to plan and to spend wisely without getting yourself into trouble.

If you are experiencing debt problems there is always something that you can do, the important thing is to do it sooner rather than later, as debts build up quickly if they are not managed and this can lead you to damage your credit score and make getting credit, when the economy comes proper right again, just that much harder.

Register with Justmoney.co.za South Africa's online guide to money to stay up to date with all your personal finance needs.

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