Black Friday boosts November’s retail sales
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
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