The FNB/BER Consumer Confidence Index for South Africa came in at -13 in Q3 2026, up from -19 in Q2, which was the lowest reading since Q1 2025. The survey showed the improvement was largely underpinned by stronger confidence among lower-income households, which faced less exposure to recent interest-rate increases and benefited from easing food-price pressures. However, uncertainty over the Middle East war is likely to keep consumer spending subdued in the months ahead. "Shoppers will likely remain cost-conscious and prioritise necessities over discretionary spending in the run-up to the festive season, suggesting that consumer spending growth will remain muted and that value-for-money retailers may outperform higher-end brands," FNB Chief Economist Mamello Matikinca-Ngwenya said.