The latest retail trade sales numbers point to the financial pressure facing consumers under the rising cost of living.
Numbers released by Statistics South Africa show that retail trade sales decreased by 2.5 % in June 2022 compared to June last year.
The largest negative contributors to this decrease came from general dealers and retailers in hardware.
Retail trade sales shrank by 0.4% in June 2022 compared with May 2022.
Chief Executive Officer at Debtbusters Benay Saga says the 17% rise in debt counselling enquiries in the second quarter of this year is an indication of the financial pressure consumers find themselves under.
“The debt levels haven’t really increased substantially compared to last year, but they are much higher than they were a few years ago. On the contrary the salaries are flat and more or less the same, when you factor inflation, particularly in the last 12 months, consumers are left with somewhere between 30 to 34% every month and I think it’s making it very difficult for the South African consumer.”