The recent quarterly consumer confidence study by Kantar Analysis indicates that 70% of households in Mauritius consider a minimum monthly budget of Rs 31,000 necessary to support a family of four, with some suggesting Rs 51,000 per month.
Despite nearly half of households believing their living conditions are average, 72% struggle to adhere to their monthly budgets.
As a result, 50% have cut or terminated certain monthly expenses, 48% have opted for cheaper options, and a third have decided to work more, change behaviours, dip into savings, or buy second-hand products.
Concerning specific expenses, households have opted for caution, simultaneously controlling certain costs. This includes buying fewer new clothes, skincare and makeup products, dining out less, and postponing equipment purchases.
The study notes a prevalent perception of rising prices, with 73% of consumers thinking they are increasing too rapidly, while only 5% believe they are stable.
In terms of employment, 26% of respondents perceive that there is a significant number of available job offers at present. This figure is relatively stable but significantly higher than before Covid, which was less than 8% in 2019.
Looking ahead, 48% of Mauritians anticipate stabilisation, and 16% anticipate an increase in job offers in the coming months.
Overall, the Consumer Confidence Index has experienced a slight uptick compared to the previous quarter, with the index of employment perception being notably high at 86.
The index related to durable goods purchasing prospects remains modest at 52, despite a significant increase over the past year.
The index reflecting the perception of the economic situation is deemed “not good” by 69% of consumers, likely influenced by the price situation in the country.
Latest data of the Bank of Mauritius reveal that businesses and households have an accumulate debt of Rs 394 billion.
The figures show that household loans have risen from Rs 146 billion in January to Rs 154 billion by July. Concurrently, corporate debt stands at Rs 240 billion as of July 2023.
Source: l’Express
