FX.co ★ South African Consumer Sentiment Weakens in Q3

The FNB/BER Consumer Confidence Index for South Africa declined to -13 in the third quarter of 2025, down from -10 in the previous quarter. This figure remains significantly below the historical average of -1, reflecting a heightened sense of pessimism among consumers. According to Mamello Matikinca-Ngwenya, Chief Economist at FNB, factors such as weak job creation, rising inflation, and diminishing two-pot savings appear to be negatively impacting the confidence levels of the middle class. She cautioned that this drop in consumer confidence is likely to lead to a more noticeable deceleration in the growth of real household expenditure as the year approaches its end.