Momentum Investments’ latest Consumer Pulse: Q3 2025 unpacks the state of South African households and the critical role of consumer confidence in driving the economy.

Key insights include:

• Consumer confidence slipped three points in Q3 2025, largely driven by middle-income households, while high-income earners remain steady, cushioning overall spending.
• Household consumption remains resilient, with July retail trade sales and new vehicle sales showing continued demand despite weaker sentiment.
• Service delivery, job creation, stable incomes, and lower living costs remain the biggest levers to restore confidence and boost economic growth.
• Momentum Investments forecasts household consumption growth of 1.7% in 2025 and expects the economy to expand by 1%.

With household consumption accounting for over 60% of GDP, this report provides critical insights into the health of SA’s economy and the pressures facing consumers ahead of the festive season.

Download the full report HERE