SA Consumer Watch – April 2016

Our April Consumer Watch showed positive news flows outweighing negative news flows. Notwithstanding both global and local growth forecast downward revisions by the IMF and The World Bank this month, the Rand benefitted from the emerging market currency rally as investors searched for yield. Other news flows include improved retail sales, the PMI rising above the 50 point mark for the first time since July 2015, and weak vehicle sales numbers.