Consumer confidence has slipped again, showing that South Africans are still facing strong economic headwinds.

According to the Stellenbosch University-based Bureau for Economic Research (BER) the consumer confidence index fell to -13 points in the third quarter of 2025, slipping from -10 points in the second quarter and marking almost six years in negative territory (consumer confidence ranges from –100 to +100, with positive scores showing optimism while negative scores show pessimism).

The sharpest deterioration came from the middle-income segment, where confidence fell from -7 points to -16 points. High-income households remained stuck at -11 points, while low-income households recovered slightly from -15 points to -9 points.

According to Bheki Mahlobo, Economics and Policy Editor at The Common Sense: “Consumer spending drives around 60% of South Africa’s GDP. A decline in confidence leads to weaker spending and lower growth rates. Rate cuts have provided households with some relief, but the room for further easing is limited, as US rates remain relatively high. At the same time, household debt has climbed from 49% of disposable income in the early 2000s to 63% in 2024, leaving fewer families able to qualify for new credit.”