“By and large, this perception cuts across all income levels. Even among the most affluent respondents with a household income above R500,000 per annum, only 28% say they are doing ‘fine’ or ‘very well’<\/strong>,” McKinsey said.<\/p>\n “While only a minority 35% believes that their situation will further deteriorate in 2022, 71% of consumers report that their ability to make ends meet has declined over the last 12 months<\/strong>.”<\/p>\n South Africans are cutting back\u00a0<\/strong><\/p>\n In response to the economic hardship, which has been exacerbated by the pandemic, 61% of South African consumers say they are cutting back on spending.<\/p>\n “This is the highest among all countries surveyed, on par with Brazil, and well above the cut-back rates observed in India (48%), and China (45%),” Mckinsey said.\u00a0 “All income levels are affected. Even in the highest household income tier, the stated cut-back rate is still 51%.”<\/p>\n In all these cases, the figures have come down from highs observed during the Covid-19 crisis, but they are still well above pre-pandemic levels, Mckinsey said.<\/p>\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2022\/03\/Mckinsey-1.png\")
<\/a><\/p>\n\n