In this edition of Business Day Spotlight, we focus on the impact of recent electricity tariffs hikes on SA consumers.
Our host, Mudiwa Gavaza, is joined by Robert Gwerengwe, FNB’s middle-market segment CEO.
The discussion begins with Gwerengwe explaining the effects of the 15% increase for the 2021/2022 financial year on consumers. His business unit caters for those earning between R120,000 and R300,000.
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Many households in that segment, which accounts for a large portion of the economy, will have to review their already stretched budgets to keep the lights on, Gwerengwe says.
According to FNB, electricity is one of the largest spending categories for entry- to middle-income customers. As a result, these consumers need to review their monthly budgets to accommodate the increase and overall cost of living.
The discussion also focuses on how the Covid-19 pandemic has affected consumer spending in SA, with people leaning more on credit to finance day-to-day expenses, and the growth of the gig economy, as families and individuals look to supplement their incomes.
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• Business Day Spotlight is a MultimediaLIVE production.
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