Thursday, 6th September 2007 at 12:36 pm by Rander
Can we spend less for long?

therandtoday3.jpgThe reserve bank governor in South Africa, Tito Mboweni, today came out and said that while there were some tentative indications of a slowdown in consumption, such as vehicle sales, it is still “early days”.

I couldn’t agree more with him, people seem to have tightend up their pockets a bit but will this trend last for long? Vehicle sales have slowed down according to his statement but somehow we still find brand new cars on our roads on a daily basis. Consumers maybe spending less on vehicles but they are still spending something on them as is evident in the running out of numbers now in the GP (Gauteng) number plate numbering system.

 Lets give it another six months or so and see if the slow down in spending is really happening or will consumers still find a way to be able to continue spending more. But as the governor also pointed out today, he hoped Eskom do not increase their prices by 18% as this could really force consumers to spend less as they would be paying more for electricity which is a neccesity!




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Comments

PDI (Permanently Disadvantaged Individual) on 7 September, 2007 at 8:21 am #

Eskom will have no choice but to increase the tarriffs. Why…due to poor government planning. Surely someone somewhere must have seen that the electricity requirements were mounting and someone somewhere decided to bury their head in the sand! Unfortunately when these increases take place the poor will always bear the brunt…and will always remain permanently disadvantaged


Rob Harvey on 7 September, 2007 at 8:29 am #

I heard recently that Eskom say that the power cuts in winter 2008 are going to be worse than what we experienced this winter. They have to make a plan and make one fast. The winters are getting colder and colder….. we are going to freeze!!


Unhappy on 7 September, 2007 at 8:44 am #

Perhaps if Tito would stop raising the interest rates, the man in the street would be able to survive!!! With the continual rise in food and petrol prices, we have to use credit to get through the month. And I am not talking about luxury items. All we want to do is live. It would be easier if we were earning “public servant” wages. The top guns don’t have those concerns, do they? They live like kings with everything paid for by us tax payers. NICE HEY!!!


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