Advertise with fastmoving.co.za
 
 

The retail sector experienced a higher than expected boost in November as a result of huge sales in November.
The retail sector experienced a higher than expected boost in November as a result of huge sales in November.

Black Friday boosts November’s retail sales

ECONOMIC NEWS

By Sunita Menon - Jan 16th, 14:12

Consumers came under pressure in 2018, with the first VAT hike in two decades and steep fuel price increases.  

The retail sector experienced a higher than expected boost in November as a result of huge sales in November.

Black Friday and Cyber Monday saw retail trade sales rise 3.1% year on year in November 2018 after an increase of 2.2% in October.

This was higher than economists’ consensus of 2%, according to a poll by Bloomberg.

The retail sector is an important indicator of consumer spending, which drives growth in the economy. Consumers came under pressure in 2018 with the first VAT hike in two decades and steep fuel price increases. Analysts expected many consumers to defer purchases to November.

Growth in November came from retailers in household furniture, appliances and equipment, which was up 10.5%, retailers in textiles, clothing, footwear and leather goods, up 4.2% and general dealers, up 3.7%.

November’s total retail sales came to R99.42bn. In “constant prices” set to 2015, which Statistics SA uses to strip inflation out of its sales growth figures, November’s retail sales amounted to R87.8bn.

Compared to the prior month, retail trade sales increased 3.3% in November.
Business Live 

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.