Retail spending showed signs of recovery in January, growing 1.2% on an annualised basis, slightly faster than analysts had expected. Consumer spending drives more than 60% of SA's GDP, with Statistics SA reporting on Wednesday that seasonally adjusted retail trade sales increased 1.5% in January from the previous month. In the three months ended January 2019, seasonally adjusted retail trade sales increased 0.2% on an annualised basis. Retailers in the pharmaceuticals and medical goods, cosmetics and toiletries sector registered the biggest increase, growing sales 6% year on year. Statistics SA’s retail figures for December had showed a shock decline of 1.4% instead of the expected 2.1% growth. This had been particularly bad news for a sector that relies on increased activity in the festive period to boost their results. There have subsequently been a series of disappointing corporate earnings updates from local retailers in recent weeks. The JSE's general retail index is by far th...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now