Consumer confidence plummets in second quarter

Consumer confidence slumped to its worst levels in 35 years, during the second quarter of 2020 as households grappled with the economic fallout of the phased lockdown restrictions, imposed to slow the spread of the coronavirus.

The FNB/BER consumer confidence index (CCI) plummeted to -33, a low not seen since 1985 when then president PW Botha delivered his Rubicon speech amid resistance to the apartheid regime and the gauge hit -36, the bank said in a statement about the data.

Collapsing consumer confidence mirrors that of business confidence, which also fell to its lowest level on record in the second quarter.

The CCI result was worse than expectations of a reading of -22, according to a Bloomberg survey of five economists