South African retail trade sales for June 2024 came in far higher than expected, painting a brighter picture for the economy in the second quarter of the year.
South African retail sales have seen another jump, exceeding expectations and sparking hope for the medium to long term in the sector.
Mkhwanazi echoed and furthered this, saying that this boost aligns with the cessation of load-shedding since March, a significant petrol price reduction in June, and improved sentiment following the election.The large leap in sales was greatly boosted by a 7.3% y/y increase in general dealers’ sales and a 6.1% y/y rise in textiles, clothing, and footwear sales – the two most heavily weighted categories.
Meanwhile, shopping activity in pharmaceutical shops was unchanged compared to the same period last year. Seasonally adjusted retail trade sales increased by 1,5% in the second quarter of 2024 compared with Q1.
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