Advertise with fastmoving.co.za
 
 

Retail sales for December 2018 contracted by 1.4% year on year,  from a downwardly revised 2.9%  year on year in November (previously 3.1%).
Retail sales for December 2018 contracted by 1.4% year on year, from a downwardly revised 2.9% year on year in November (previously 3.1%).

Retail sales contract by 1.4%

ECONOMIC NEWS

IOL - Mar 6th, 11:15

Retail sales for December 2018 contracted by 1.4% year on year, from a downwardly revised 2.9% year on year in November (previously 3.1%).  

This outcome negatively surprised relative our expectation of a mild uptick and the outcome marked the first contraction in retail sales since February 2017.

The weak performance was on the back of subdued sales by dealers in the textiles, clothing, footwear and leather goods (-2,7% and contributing -0,6 of a percentage point); and general dealers (-1,0% and contributing -0,4 of a percentage point) sectors. The December print takes annual sales volume growth for 2018 to 2.1% above 2017 levels.

The seasonally adjusted retail trade sales show the extent to which sales volumes underperformed in December 2018, registering a decline of 4,8% compared with November 2018.

This was partly due to a high base established in November, as consumers took advantage of Black Friday and Cyber Monday deals.

Siphamandla Mkhwanazi, FNB economist, said, "Despite the weak December print we expect a moderate positive contribution to the fourth quarter GDP. Looking ahead, we expect the combination of a sharp decline in the December and January petrol price and the gradually increasing credit take-up by consumers (particularly unsecured credit) to support retail sales in the coming months."
IOL 

Related News

Builders Warehouse Strubens Valley gets an uber-makeover
22/08/2019 - 13:16
Builders Strubens Valley is the latest store in the Builders group to get a grand revamp as South Africa’s leading DIY and buildings material retailer strives to meet the demands of customers who want a seamless, slick integrated shopping experience.

Shoprite's debt shocker
22/08/2019 - 08:57
Debt-leery investors, spooked by one local corporate car crash after another, have found another share to dump: mighty Shoprite.

Inflation eases even more than expected
21/08/2019 - 10:36
Inflation eased more than expected to 4% in July.

Steinhoff and Pepkor blocked from selling Tekkie Town shares
21/08/2019 - 08:44
The Western Cape High Court has prevented Steinhoff and its subsidiary, Pepkor Holdings, from selling or dealing in the shares of shoe retailer Tekkie Town, in a ruling handed down on Tuesday.

Walmart Q2 revenue grows 1.8% year on year
20/08/2019 - 14:13
Total revenue of Walmart for its second quarter (Q2) of Financial Year 2020 (FY20) ending July 31 hit $130.4 billion, up 1.8 percent year on year, while the net sales of Walmart International decreased 1.1 percent year on year to $29.1 billion, the company reported.