CHRIS GILMOUR: Retail sales point to brighter skies for consumers
Sector could be poised for further momentum as interest rates ease
23 October 2024 - 05:00
August’s retail sales figures paint an optimistic picture of consumer spending even though interest rates remain at historically high levels. This optimism is probably a function of load-shedding having ceased since March and relative political stability since the general elections at the end of May.
For the year to August 2024, retail sales growth in constant 2019 terms was a strong 3.2% year on year, following on from a revised 1.7% in July and 4% in June. To give some context to these figures, in the same three months a year earlier, retail sales growth was mildly negative. ..
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