Advertise with fastmoving.co.za
 
 

The retail sector barely grew in March as consumers battled headwinds.
The retail sector barely grew in March as consumers battled headwinds.

Retail sector barely budged in March

ECONOMIC NEWS

By Sunita Menon - May 16th, 09:54

Consumers were under pressure in March with a 74c/l hike in the petrol price and slightly higher inflation. 

The retail sector barely grew in March as consumers battled headwinds.

Retail sales were a tepid 0.2% higher in March, lower than the 0.6% expected by economists polled by Bloomberg.

This was an increase of R85.93bn in March compared to R83.61bn in March 2018.

Consumers came under pressure in March with a 74c/l increase in the petrol price and slightly higher inflation, which eroded real disposable income growth during the month.

The three-month average for the first quarter, which forms part of the country’s GDP, showed retail trade sales decreased 0.7% compared with the previous quarter.

Consumer confidence fell back the first quarter on weaker confidence around the outlook for the economy and personal finances.

The retail sector is an important indicator of consumer spending: it drives growth in the economy as it accounts for just more than 60% of GDP.

Retailers in household furniture, appliances and equipment saw the biggest rise of 1.9% followed by general dealers, which grew by 1.8% and all ''other'' retailers which were up 1.5%.

This follows weak performances in the mining and manufacturing sectors last week, which suggest the economy contracted in the first quarter of 2019.

Mining production fell 3.4% in the first quarter and manufacturing 2.4%.


Business Live 

Read more about: sales | sa economy | retail trade | retail | inflation

Related News

Zara launches online store in South Africa
19/09/2019 - 11:58
Zara has launched its online sales in SA through its dedicated website zara.com/za. This marks an important milestone in the expansion of Zara’s integrated store and online platform into markets where it already has a store presence.

Pick n Pay launches collectable Rugby Super Cards
19/09/2019 - 11:28
Local sports fans can once again feel part of the upcoming rugby tournament thanks to the launch of Pick n Pay’s new Rugby Super Cards.

The V&A Waterfront’s Victoria Wharf is SA’s greenest shopping centre
19/09/2019 - 09:13
The V&A Waterfront’s far-reaching waste management and recycling practices has earned the property a prestigious Green Buildings Council of SA (GBCSA) 5 Star Green Star Existing Building Performance v1 certification (EBP v1) for the popular Victoria Wharf Shopping Centre – the highest rating for any existing shopping centre in South Africa.

Ackermans launches ‘Moms4Moms’ educational platform to give mothers a helping hand
16/09/2019 - 14:03
According to a 2017 Statistic South Africa report, 61% of South African children are raised by only their mothers. This reveals that the majority of South African women have to navigate single-parenthood, as well as being the sole provider for their families.

Rhodes Food Group's turnover rises amid healthy international growth
16/09/2019 - 11:14
The international turnover of Rhodes Food Group, which makes Bull Brand corned meat and Bisto gravies, rose 13.4% in the 10 months to end-July, boosted by a weaker rand and exports of fruit snacks to the US.