Statistics South Africa’s latest figures revealed a 1.4% year-on-year contraction in retail sales for the month of May. This decline follows a revised 1.8% decrease observed in April.
In terms of month-on-month analysis, the latest findings from Statistics South Africa reveal a noteworthy 0.7% reduction in retail sales.
The statistics agency has reported a notable 1.5% decrease in retail sales for the three-month period ending in May, in comparison to the same period in the preceding year.
These latest figures highlight ongoing challenges faced by the South African retail sector. The consecutive monthly and year-on-year declines in sales underscore a subdued consumer demand and economic uncertainty prevailing in the country. Retailers will need to closely monitor market trends, adapt strategies, and explore innovative approaches to stimulate growth and regain consumer confidence.
Additionally, policymakers and stakeholders can utilize these insights to inform targeted interventions aimed at bolstering the retail industry and fostering a more robust economic recovery.