Advertise with fastmoving.co.za
 
 

Black Friday boosted November 2017’s retail sales to 8.2% — double the annual growth expected by economists.
Black Friday boosted November 2017’s retail sales to 8.2% — double the annual growth expected by economists.

Black Friday boosted retail November retail sales by 8.2%- surprising economists

ECONOMIC NEWS

Bu Sunita Menon - Jan 17th 2018, 15:00

Black Friday boosted November 2017’s retail sales to 8.2% — double the annual growth expected by economists. 

This marked a sharper than expected jump from October’s 3.2%, Statistics SA reported on Wednesday. November’s total retail sales amounted to R94.67bn.

The highest annual growth rates were recorded for all "other" retailers at 20.8%; furniture and appliance retailers at 14.1%; and clothing retailers at 12.4%.

Seasonally adjusted retail trade sales increased by 4.0% month on month in November 2017. This followed month on month decline of 0.1% in October and 0.4% in September.

"Much of the lift in November is projected to have been derived from consumers taking advantage of Black Friday deals. However, the performance of the retail sector over the festive period overall is not expected to have been particularly strong," said Investec economist Kamilla Kaplan said in a note e-mailed on Friday.

Kaplan projected retail sales to have risen by 4.1% year on year, while macro-economics website Trading Economics projected retail sales at 4.0% year on year in October.

FNB chief economist Mamello Matikinca also expected retail sales to show very strong growth in the month of November given Black Friday sales, adding to the sector’s strong fourth quarter print thus far.

© BusinessLIVE MMXVIII 

Read more about: trade | sales | sa economy | retail | growth | black friday

Related News

Checkers brings world-class retail to Constantia with new flagship store
27/11/2019 - 13:01
Checkers has opened the doors to its state-of-the-art 2 330 m² flagship supermarket at the Constantia Emporium as the retailer continues to take innovation to new heights.

Woolworths carves out market share in SA
27/11/2019 - 10:11
In Australia, David Jones's sales declined 2.1%, with the company saying a store refurbishment contributed to the decline.

Push and pull strategies work together to keep consumers coming back for more
26/11/2019 - 10:20
The retail sector is under increasing pressure as consumers have shrinking disposable income in a strained economy. Maintaining share of wallet is critical. Relying solely on a push route to market strategy from manufacturers into retailers is not enough to get consumers buying products. A pull strategy needs to coexist with the push to drive brand consumption. Integrating these strategies requires intelligent and insightful decision-making. This, in turn, requires data generated through smart technology which provides line of sight across the value chain from manufacturer to distribution, retailer to the consumer.

SA expected to sow fewer maize hectares than in previous seasons
26/11/2019 - 10:06
South African farmers are expected to sow 2.8% fewer hectares of the food staple maize next season than forecast in October after the planting season was delayed by rains, a Reuters survey of analysts showed.

Exclusive leases must fall: Commission cracks whip on Shoprite, Pick n pay, Spar, Woolies
26/11/2019 - 09:57
The Competition Commission Inquiry into Grocery Retail, published on Monday, called for an end to the exclusive leases negotiated by national retail chains in all shopping malls across the country in a bid to open up access to markets for smaller players.