Consumer confidence lifts ahead of festive season, survey finds

Stephen Grootes speaks to Sanisha Packirisamy, Momentum Investments’ Chief Economist about festive spending, household resilience, and what improving consumer confidence means for broader trends.

Listen to the interview in the audio player below.

South African consumers are heading into the festive season in a more optimistic mood, according to Momentum Investments’ latest Consumer Pulse for the fourth quarter of 2025.

After a sharp dip in the third quarter, the Consumer Confidence Index (CCI) improved from –13 to –9, marking the highest level recorded this year. While confidence remains below its long-term average, the rebound points to easing pessimism, particularly among middle-income households.

Momentum Investments says this cohort played a key role in stabilising sentiment, helping to offset ongoing pressure from high living costs and subdued income growth.

Speaking to Stephen Grootes on The Money Show, Sanisha Packirisamy, Momentum Investments’ chief economist says the report suggests that household spending should remain supported into early 2026, aided by lower interest rates and a gradual improvement in sentiment.

"We had an interest rate cut which came through in November, and that of course does offer relief to those who are indebted."

- Sanisha Packirisamy, chief economist at Momentum Investments

"The fact that we had an appreciation in the currency, and together with stable international oil prices we actually saw petrol prices came in lower between August and November."

- Sanisha Packirisamy, chief economist at Momentum Investments

"We also saw moderation in food inflation, and of course we know food is quite a big chunk of the bulk of South Africans inflation basket."

- Sanisha Packirisamy, chief economist at Momentum Investments

Scroll to the top of the article to listen to the full interview.