Faced with a myriad of headwinds, including load shedding, high interest rates and high inflation, retailers have had a rough year after sales declined for 10 consecutive months from December 2022 to August 2023. Retailers will not have a jolly time this festive season, as many consumers are reluctant to spend because of negative perceptions about the domestic economy.
High inflation, which contributed to a rise in the petrol price, increases in administered prices coupled with high interest rates saw household consumption dip by 0.3% in the third quarter as consumers put a pause on big-sale items, especially those that are interest rate sensitive. Faced with a myriad of headwinds, including load shedding, high interest rates and high inflation, retailers have had a rough year after sales declined for 10 consecutive months from December 2022 to August 2023, regaining 0.9% year-on-year in September. On a monthly basis, the positive was much slower, at 0.1% over the same perio
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Source: City_Press - 🏆 7. / 72 Read more »