‘Muted household spending into next year’

AMERICAN global market research firm Fitch Solutions predicts muted levels of real household spending for 2023 as consumer purchasing power continues to wane.

Owing to the continued depreciation of the local currency against the greenback, from $108,66 at the start of the year to $655,56 as of Friday last week, consumers have suffered massive wage erosion.

Further, the failure of Treasury to raise the income tax threshold from $75 000 in accordance with the cost of living of $114 068, for an average family of four, has left consumers battling high prices.

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