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'Seven in ten South Africans spend all their income or more every single month'

15 April 2021 8:10 PM
Tags:
Unemployment
The Money Show
Bruce Whitfield
Deloitte
consumer spending
COVID-19
consumer behaviour
State of the Consumer Tracker
Mike Vincent

The latest Deloitte consumer survey shows we are more worried about our finances than Covid, says Mike Vincent (senior partner).

A Deloitte survey has found that 41% of people in South Africa are spending more than they are earning every single month. (Six months ago it was 38%)

All in all, 70% of South Africans are depleting their salaries every month Deloitte says.

The latest State of the Consumer tracker measures consumer sentiment across 18 countries for March 2021.

The stats reflect the economic fallout of the Covid-19 pandemic.

Earlier this month, the Reserve Bank released figures showing that average household wealth in South Africa actually increased in 2020.

RELATED: 'We're the wealthiest we've ever been' (those with financial assets, anyway)

Playing out clearly here is "the story of the great South African wealth divide" comments Bruce Whitfield.

What started out as a health crisis has very quickly turned into a financial crisis agrees Mike Vincent, senior partner at Deloitte.

We've been surveying the markets since April last year across 18 countries and in South Africa in particular, we've been focusing on the consumer sentiment in the last six months.

Mike Vincent, Senior partner - Deloitte

What we found is whilst there is generally a declining anxiety in most countries as the vaccine rolls out... but we discovered that in India, Chile and South Africa there are increasing levels of anxiety.

Mike Vincent, Senior partner - Deloitte

The two biggest drivers of anxiety in South Africa are financial stress and worries about Covid.

While the latter has declined (down 18% to to 58%) 75% of respondents are feeling under financial duress, which is an increase of 7% from the previous month.

There is also huge concern around employment (up 3% to 54%).

South Africa was quite unique in comparison with its peers in that most consumers were more anxious about their finances than they were about the pandemic.

Mike Vincent, Senior partner - Deloitte

Seven in ten South Africans are currently spending the same or more than their income, compared to the global average of six in ten.

Mike Vincent, Senior partner - Deloitte

It seems what's happening in South Africa is that consumers are dipping into their savings. We're seeing an increasing number of bank accounts opening and my concern would be that consumers are beginning to look at alternate sources of capital.

Mike Vincent, Senior partner - Deloitte

Listen to the conversation below:




15 April 2021 8:10 PM
Tags:
Unemployment
The Money Show
Bruce Whitfield
Deloitte
consumer spending
COVID-19
consumer behaviour
State of the Consumer Tracker
Mike Vincent

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