Key takeaways:
- Household consumption expenditure, at 59.9% of the gross domestic product (GDP), is a key driver of South Africa’s economy.
- Consumer confidence recovered slightly in the first quarter of 2021 but remains very low.
- Debt levels are rising, with households increasingly struggling to meet their debt obligations.
- Household spending has diminished, as seen in poor retail and new vehicle sales.
- Online activity remains strong, despite the easing of lockdown restrictions.