Retails sales increased by 3.1% on an annual basis in November 2018, compared to November 2017. The main contributors to the increase were general dealers, followed by retailers in textile, clothing, footwear, as well as household furniture and appliances.
Analysts say the unexpected positive number indicates a growth of the Black Friday sale phenomenon. An Economist at NKC Economics, Elize Kruger says the positive number should help to boost growth in the fourth quarter of 2018.
“Retail sales in November surprised to the upside given the significant Black Friday spending spree that consumers embarked on. It is clear that this retail phenomenon is growing in importance in South Africa and into 2019, we’ve had another fuel price significant drop in the beginning of January. Moderate inflation numbers, we’re looking forward to inflation below the 4.5% target band for a month or three and also stable interest rates as a result of that.”
