In what is perhaps the most accurate reflection of the current economic climate, consumer confidence has dropped to its second-lowest reading since 1994, when the country was on the brink of democracy.

In a sombre reflection of the current freezing spell and gloomy weather in the Western Cape, South Africans across the country are starting to resign themselves to the barrage of financial impacts facing them - from increasing interest rates to rising inflation, continued rolling blackouts, widespread government corruption, poor diplomatic decisions and a depreciating rand. It's a lot - and the effects are starting to wear on even the most resilient South Africans - the higher-income earners.

South Africa's lowest consumer confidence reading was -33, and that was during the second quarter of 2020, when the country was in the grips of its most severe economic lockdown yet. The FNB/BER Consumer Confidence Index (CCI) for the second quarter of this year is at a low of -25 index points reflecting consumers who are increasingly stressed out about household finances and the country's economic prospects.

The FNB/BER CCI combines the results of three questions posed to adults in South Africa: the expected performance of the economy, the expected financial position of households and the rating of the appropriateness of the present time to buy durable goods, such as furniture, appliances and electronic equipment.

FNB's chief economist, Mamello Matikinca-Ngwenya, says the economic...