Retail trade sales increased by 2% year on year in August, Statistics South Africa (Stats SA) data showed on Wednesday, slowing down from the growth recorded in July.
The contributors to August’s expansion were general dealers, including supermarkets, which rose by 6.4%, while retailers in textiles, clothing, footwear and leather goods were up 4.8% and retailers in household furniture, appliances and equipment registered a 2.7% increase.
Economists from the Bureau for Economic Research had expected retail sales to grow 5% on a year-on-year basis, while Nedbank’s economists forecast an annual growth of 3% in August. Retail trade sales increased by 8.6% year on year in July 2022.
On a month-on-month basis, retail sales decreased by 1.8% in August compared with July. This is the fourth consecutive monthly decline and signals that consumers are still cash-strapped.
“Not all retailers performed well in August, those trading in food and beverages, pharmaceutical and medical goods, hardware, paint and glass registered year-on-year decreases in August,” said Raquel Floris, the deputy director for distributive trade statistics at StatsSA.
Anathi Madubela
Anathi Madubela is a business journalist with a keen interest in the retail sector.
