Consumer Wallet Update – The going gets tougher

We use our Consumer Wallet model to forecast the growth in spending power of consumers in South Africa, which serves as a proxy for the likely level of retail growth this year. Previously,we forecast a recovery in the consumer wallet in 2019 with nominal funds available for retail and discretionary spending increasing. We update our expectations for consumer spending power and retail sales growth to take into account data released subsequent to our initial Consumer Wallet forecasts.