# FNB and Stellenbosch University’s Bureau for Economic Research says consumer confidence dropped dramatically in the first quarter of this year. The proposed VAT hike and no adjustments in tax brackets for individuals weighed on sentiment as well as the souring of diplomatic relations between South Africa and the US. The 14-point plunge in the index is on par with the drop when SA entered stage 6 load-shedding for the first time in the first quarter of 2023. The first quarter reading of minus-20 is also the lowest since the first half of 2023.
Consumer Confidence Index drops dramatically in first quarter of 2025