Brace yourself and your wallet this weekend as we unwillingly welcome the arrival of the secondary financial impact on our economy.
It is no secret that South Africa has been facing concerning economic challenges over the course of the year. However, these challenges are only the primary financial impact that we are facing. But with the recent drop in the Worlds Bank estimation of South Africa’s GDP; the 25% increase in fuel since March 2017 and the ever-weakening Rand a possible secondary impact is on the horizon.
This secondary financial impact may further affect the prices of locally produced items among others. Fuel price hikes don’t only affect costs associated with fuel use but, with everything that needs to be transported via the roads is at risk of becoming more expensive.
Products and services which were once deemed as necessities such as retail, cosmetics, entertainment and now food are to become classified as luxury items. The forecast for the remained of the financial year seems to only be getting harder and harder on the consumers pocket.
There has never been a better time to budget – click here to find out how we can help you survive this year’s financial impact – both primary and secondary.