All over the world, consumer spending drives the economies of many countries, both developed and developing. In SA, it accounts for about 60% of GDP; in the UK, the figure is about 64%; and in the US it’s closer to 70%. And as long as this consumer spend remains healthy, so should economic growth.

But there are signs that consumers are “running out of steam” in several jurisdictions, including SA, and that doesn’t augur well for either the economy or retail stocks...

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