South Africa’s FNB/BER Consumer Confidence Index rose to minus 13 in the third quarter of 2026 from minus 19 in the second quarter, when it recorded its lowest reading since the first quarter of 2024. The improvement was driven largely by lower-income households, which had less exposure to recent interest-rate increases and benefited from easing food-price pressures. Consumer spending is nevertheless expected to remain subdued as uncertainty linked to the Middle East conflict weighs on household budgets through fuel costs, rate uncertainty and inflation concerns. FNB Chief Economist Mamello Matikinca-Ngwenya said shoppers would likely prioritize necessities and value ahead of the festive season, potentially benefiting value-for-money retailers over higher-end brands. Middle- and high-income consumers remained more exposed to the central bank’s May rate increase through formal credit and durable-goods purchases.