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Consumers reel as price hikes hit home

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Cape Town - Ninety-four percent of South African households are potential dis-savers, according to data from the Bureau of Market Research (BMR).

This, explained Standard Bank economist Zaakirah Ismail, means that the income net of taxes, minus average expenditure, is highly negative for the low income groups (households with a combined income below R86 000 per annum) and marginally negative for the middle income groups (those earning between R86 000 and R688 000 per annum).

Ismail analysed this further by saying that households with a negative net income lack the means to cover their costs. So, to overcome this, they will either take out credit or take advantage of financial support from wealthy family members in the form of gifts or donations.

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