Due to the non-discretionary nature of spend on food and drugs compared with clothing and accessories, the JSE food and drug index has proven a lot more resilient than general retailers over the past five years.

From its latest peak in April 2018, it has fallen by 20%, compared with a 59% drop in general retailers since March 2018, and a fall of 22% in the all share index since its peak of January 2018.

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