Retail spending grew 3.8% in December on the back of the stronger rand and lower inflation, according to Mastercard. Mastercard says this marked the strongest monthly performance for retail spending in SA since May 2013. When including the effects of inflation, retail sales for December 2017 grew 7.5% year on year. Inflation contributed 3.7 percentage points to overall sales growth. "This marks a significant deceleration in price inflation, bringing consumers much-needed relief over the holiday season," said Mastercard’s SpendingPulse, which reports on national retail sales. It is based on aggregate sales activity in the Mastercard payments’ network, coupled with survey-based estimates for certain other payment forms, such as by cash and cheque. Senior vice-president of the group’s market insights Sarah Quinlan said: "The spike in consumer spending during the holiday season took retail sales to new highs. Sturdier GDP growth, a lower inflation outlook and the stronger rand, which dr...
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