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

Is Woolworths unravelling in Australia?
15/02/2019 - 16:35
The sudden departure of two Australia-based nonexecutive directors of Woolworths has fuelled speculation that the troubled retailer will be forced to announce another huge write-down related to the R21bn acquisition of the David Jones department store.

Latest retail sales figures show disappointing trend
15/02/2019 - 10:01
Available economic activity data has shown that the economy ended last year on a weaker footing, with December retail sales figures being the latest to disappoint, declining for the first time in nearly two years.

Woolworths denies that it copied Superlatte products
14/02/2019 - 12:10
Woolworths has categorically denied allegations by Michelle Legge, who founded beverage company Superlatte in 2016, that the retailer has copied her product.

New market store opens through the Pick n Pay market store
14/02/2019 - 11:51
The community of Thokoza welcomed the opening of Matlala Market and it will now offer customers greater variety, a fresh offering and money services under one roof and on their doorstep.

Strike adds to Dis-Chem’s Christmas woes
14/02/2019 - 10:33
Dis-Chem’s Christmas sales have been hurt by a strike, the pharmacy chain warned in a trading update.