sa consumer south africa

The SA consumer in 2017: hold on tight

While the aftershock of 2016 still rings in the ears of the SA consumer, we look to the year ahead with high hopes and positivity…well we did at least. What seems to be a bumpier ride than the year before, it is time for consumers to buckle their seat belts and hold on tight.

With special warning towards those toying with over indebtedness, 2017 is forecast to be a bumpy ride, creating an atmosphere within which those who struggle with debt have to tighten their wallets and control their spending if they want to make it through the year. With a January petrol hike making basic expenses even higher, coupled with a range of other increases and policy tweaks, the over indebted are soon to be in dire straits.

With looming interest rate hikes, higher electricity tariffs and an economy on the edge of the precipice, 2017 is a year that could go horribly right, or horribly wrong…only time will tell. With predicted GDP growth for the year sitting at around 1%, the outlook isn’t great. While it is better than the 0.5% from the last quarter of 2016, it is nowhere near the 5% needed to secure the 11 million jobs promised by government.

So the economy is shaky, the government have all but collapsed to infighting and the US situation is having adverse effects on our global standing in the market, what else could go wrong? Well, how about a water and electricity shortage? Because that’s what has been delivered.

As we end-off the month of reckoning, or January as we know it commonly, we can already see the struggle that will be 2017. With an increase in most basic expenses as well as many luxuries, this is definitely not the year for the consumer.

However, there is a bright side- this is your chance to get ahead of the curb. Knowing what could happen means you can plan for it. Whether through savings, foreign investment or simply getting your financial standing in order, this is your chance to get a handle on your debts and change the way you deal with money. A bad year to be in debt, companies like the National Debt Advisors help you take control of your money and show you the way to financial freedom.