Retail sales in SA shows steady growth

SA spent more at retail stores in November 2024, compared to the same month the year before, indicating that the economy was on the mend.

Sales are slowly increasing every month after a small drop in September, showing signs of economic recovery for the country. Image credit: Canva

Stats SA recently shared their latest Retail Trade Sales report for November 2024.

According to the stats in the study, South Africans spent more money shopping compared to the same month last year. Retail sales grew by 7.7%, seeing a significant rise in profits for retailers across SA.

BIGGEST RETAIL CONTRIBUTORS TO THIS GROWTH

General dealers, such as stores that sell everyday goods like food and toiletries (Checkers, Pnp), made 11.9% more sales. This added significantly to the overall growth (5.2 percentage points).

Clothing and shoe shops (like Truworths, Edgars) was also another major contributor. They made 9.5% more sales, helping the total grow by 1.7 percentage points.

Furniture and appliance stores like Hirsch’s and Bradlows also saw more sales in November, compared to the year before. Furniture and appliance outlets sold 9.4% more, adding 0.5 percentage points to the overall growth.

But not all retail outlets did well.

Stores, like Builders Warehouse for example, selling tools, paint, and glass made 4.3% less in profits compared to November 2023. This lowered the total growth slightly.

MONTH ON MONTH

The Stats SA report also compared November retail sales to October retail sales in 2024. It found that retail sales grew by 0.8%. This indicates that sales are slowly increasing every month after a small drop in September, showing signs of economic recovery for the country.

BIG IMPROVEMENT OVER THREE MONTHS

When looking at the three months ending in November 2024, the report shows that sales grew by 5.1% compared to the same three months in 2023. This growth shows a significant rebound in consumer confidence.

People spent more money at:

General dealers: These stores sold 9.4% more, adding the most to the growth (4.2 percentage points).

Furniture and appliance shops: Sales went up by 12.1%, adding 0.5 percentage points.

Clothing and shoe stores: They made 2.9% more, also adding 0.5 percentage points to the total.

Retail sales are slowly getting better over time, which shows that South Africans are spending more money, helping the economy to thrive and signalling increased optimism among consumers as they go out there to spend their hard-earned money.

WHAT DID YOU SPEND MOST OF YOUR NOVEMBER AND DECEMBER BUDGET ON?

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