AGRICULTURE NEWS - This was according to Jaco Minnaar, president of Agri SA, who was responding to the FNB/BER Consumer Confidence Index (CCI) falling to -25 in the second quarter of 2022, after already declining from -9 to -13 index points during the first quarter of the year.
According to the results released on Wednesday (29 June), this was its lowest level since the first quarter of 1986, suggesting a marked slowdown in consumer spending in the coming months due to worsening global economic conditions.
Prof André Jooste, a lecturer in the Department of Agricultural Economics at Stellenbosch University, said this decline in consumer confidence meant that middle-income consumers would probably spend less money on products that they perceived to be luxury items.
Read the full article here on the Caxton Publication, Farmers Weekly
