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Car sales ride on rising middle class

Tuesday, November 6, 2012

WN.com - Business News
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Car sales ride on rising middle class
Nov 7th 2012, 06:14

Roy Cokayne The growth of the black middle class will help prevent a collapse of the new vehicle market in South Africa, according to Azar Jammine, the chief economist at Econometrix. He said the changing demographics in the economy were underlying and underpinning consumer spending. Only 1.3 percent of black households in 2002 were earning more than R5 000 a month, but by last year this had risen to 8.1 percent, which was still tiny and reflected the...
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