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The constrained business environment, weak consumer demand and public holidays impacted new vehicle sales in March according to the Automotive Business Council. Vehicle sales decreased by nearly 12-percent year on year. In an statement, naamsa say fuel costs, interest rates and affordability remain significant decisive factors for consumers.

naamsa expects better economic prospects once the interest rate cutting cycle starts in the latter half of the year. Meanwhile, export sales were hit by a more than 27 percent decrease. But there is optimism, as lower inflation and interest rates paired with modest economic growth globally is expected to support the South African export market.

Article sourced from Janine2: https://www.msn.com/en-za/news/other/naamsa-consumer-strain-continues-to-impact-vehicle-sales/ar-BB1l8vaz?apiversion=v2&noservercache=1&domshim=1&renderwebcomponents=1&wcseo=1&batchservertelemetry=1&noservertelemetry=1