New Market Study Published: South Africa Food & Drink Report Q3 2012
BMI View: We are relatively positive about private consumption in South Africa. In our view, a number of factors bode well for consumer spending: high nominal wage growth, declining unemployment (albeit slowly, and driven by public sector job creation) and the low interest rates which should keep a lid on debt-servicing costs. Certainly, the latest retail sales numbers from Statistics South Africa are encouraging and indicate that spending is holding up well.
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