The FNB/BER Consumer Confidence Index for South Africa slipped to -13 in Q3 2025, from -10 in the previous period. The index stays well below the historical average of -1, indicating a greater degree of pessimism. Weak job creation, rising inflation, and dwindling two-pot funds have likely started to weigh on the confidence levels of the middle class,” said FNB Chief Economist Mamello Matikinca-Ngwenya. She warned that waning consumer confidence will likely translate into a more pronounced slowdown in real household expenditure growth toward the final quarter of the year.