Statistics SA released retail sales data on Wednesday, showing growth of 5.3%, beating economists’ consensus forecast of 4%. Business Day reported that Christmas shopping, as expected, was dampened by the growing popularity of November’s Black Friday sales, causing the December figure to flag from November’s 8.2% growth. FNB expects the sector to continue its recovery this year as low inflation, an interest rate cut and decent real wage growth boost consumer confidence. EY’s Africa consumer products and retail sector leader, Derek Engelbrecht, was on Business Day TV to discuss the numbers and what they mean for the sector. OR LISTEN TO THE AUDIO:
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