Consumer Research

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    October headline inflation decelerated, slightly more than we had anticipated, to 4.8% y/y from September’s 5.1% print. Core inflation also softened to 4.5% y/y. Food and non-alcoholic beverage inflation fell from 5.5% in September to 5.3% in October, driven lower by a -3% contraction in bread and cereal prices. Encouragingly, meat prices are showing signs […]

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    September retail sales registered a very robust 5.4% y/y expansion, with all categories apart from hardware growing in the month. The September print, the last for the third quarter, saw the quarter-on-quarter change come in at 1.4%. General dealers, which expanded by 3.4% y/y was the second biggest contributor (1.5pps) after “other retailers”, which have […]

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    John acquired the degree Master in Economics at the University of Stellenbosch before starting his career as an economist in the National Treasury. He was part of the team that implemented the country’s first Medium Term Expenditure Framework in the early days of Minister Trevor Manuel’s tenure as Finance Minister. Thereafter, he became the Southern African Macroeconomist for Globalinsight, a major United States based economic consultancy with a global presence. He entered banking with BOE Group, shortly before moving to Absa Group in 2000 where he was the senior macroeconomist co-ordinating the Group’s macroeconomic forecasting process. In 2004, he was named Reuters Economist of the Year. In 2006, he joined First national Bank to pursue a slightly different focus as the bank’s Property Economist. He’s a social endurance sport junkie, having brought up the rear of the field in events such as the Comrades Ultra-Marathon, the Ironman Ultra-Triathlon, and more recently the 2,330 km Freedom Challenge Mountain Bike Race Across South Africa. His sporting allegiances lie with the Blue Bulls.

    Our 3rd quarter 2017 City of Cape Town Sub-Regional House Price Indices still show some of the most expensive regions to be strong. But as home affordability deteriorates, we have seen noticeable house price growth slowing in the high priced sub-regions, while simultaneously witnessing some price growth accelerations in more affordable suburban regions. Overall, though, […]

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    John acquired the degree Master in Economics at the University of Stellenbosch before starting his career as an economist in the National Treasury. He was part of the team that implemented the country’s first Medium Term Expenditure Framework in the early days of Minister Trevor Manuel’s tenure as Finance Minister. Thereafter, he became the Southern African Macroeconomist for Globalinsight, a major United States based economic consultancy with a global presence. He entered banking with BOE Group, shortly before moving to Absa Group in 2000 where he was the senior macroeconomist co-ordinating the Group’s macroeconomic forecasting process. In 2004, he was named Reuters Economist of the Year. In 2006, he joined First national Bank to pursue a slightly different focus as the bank’s Property Economist. He’s a social endurance sport junkie, having brought up the rear of the field in events such as the Comrades Ultra-Marathon, the Ironman Ultra-Triathlon, and more recently the 2,330 km Freedom Challenge Mountain Bike Race Across South Africa. His sporting allegiances lie with the Blue Bulls.

    FNB’s 2 measures of Real House Prices continue the gradual “correction” In October 2017, the FNB House Price Index showed a further mild acceleration in year-on-year growth compared with revised September growth. However, at 4.3% the rate remains noticeably lower than both Consumer Price and Rental inflation, implying that FNB’s 2 measures of “real” house […]

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    John acquired the degree Master in Economics at the University of Stellenbosch before starting his career as an economist in the National Treasury. He was part of the team that implemented the country’s first Medium Term Expenditure Framework in the early days of Minister Trevor Manuel’s tenure as Finance Minister. Thereafter, he became the Southern African Macroeconomist for Globalinsight, a major United States based economic consultancy with a global presence. He entered banking with BOE Group, shortly before moving to Absa Group in 2000 where he was the senior macroeconomist co-ordinating the Group’s macroeconomic forecasting process. In 2004, he was named Reuters Economist of the Year. In 2006, he joined First national Bank to pursue a slightly different focus as the bank’s Property Economist. He’s a social endurance sport junkie, having brought up the rear of the field in events such as the Comrades Ultra-Marathon, the Ironman Ultra-Triathlon, and more recently the 2,330 km Freedom Challenge Mountain Bike Race Across South Africa. His sporting allegiances lie with the Blue Bulls.

    The Sectional Title Home Market appears to be opening up a wider gap in terms of the house price inflation differential between itself and that of the Full Title Home Market. And since around 2011, the Sectional Title Market has resumed its upward march towards a greater share of total market in terms of transactions […]

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