Apr 19, 2021 South African consumers are under immense pressure amid record unemployment rates and rising cost of living as the cost of coronavirus pandemic to the economy becomes clearer. The country’s unemployment crisis was already a major cause for concern prior to the onset of the pandemic. But, Covid has triggered an unparalleled spike in job losses and fears around a deep and persistent recession. This has dented consumer confidence and reined in spending, with customers trying to save for rainier days and avoid revolving debt. Approximately 45% of consumers intend to decrease spending across most discretionary categories, according to McKinsey.