Junk status: Hard times ahead for consumers

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Johannesburg – Consumer confidence will take a knock following the downgrade of South Africa's credit rating to junk status by agencies Fitch and Standard & Poor’s (S&P), say analysts.

Leading up to the downgrade, South Africa had been faring well in terms of consumer confidence and was showing signs of improvement. Its ranking among eight emerging countries was at five, according to the emerging consumer survey by Credit Suisse.  

The research indicated that the country was heading towards economic growth in 2018, provided it steered a clear path through political, judicial, legislative and credit rating events in 2017. A better economic environment would have resulted in household consumer expenditure growth of over 2%.

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