Retail Trade Sales We are saling
Retail trade sales are in for the month of June, and the beard scratchers over at StatsSA don’t like what they see, with an overall decline of -2.5% YoY. The biggest contributors to this decline were retailers in hardware, paint and glass, and general dealers. The ever-reliable purveyors of textiles, clothing, footwear and leather goods made the greatest positive contribution. Our own great industry, quaintly described by StatsSA as “Food, beverages and tobacco in specialised stores”, also grew +3.9% YoY, bearing in mind that in June 2021 liquor trading was limited to four days a week from mid-month, before being completely banned from 28 June into July. This in the context of weak consumer confidence, a sluggish labour market despite a modest increase in employment in the first quarter, rising food and fuel inflation, and a poor consumer credit outlook. Economists, of course, predicted modest growth in the region of +0.5%. On the upside, retail trade sales increased by +0.5% in the second quarter of 2022 compared with the second quarter of 2021.
Comment: Just hobbling along, a state to which we are becoming sadly accustomed as a nation.