SA consumers will need to spend in a way that helps households get their money’s worth 16 February 2021 - 08:10 Sponsored Image: Unsplash/Chris Liverani
In September 2020, Risenga Maluleke, statistician-general and head of Stats SA, announced that the SA economy had contracted by an annualised 51% in the second quarter of 2020 as a result of the strict lockdown measures imposed. Maluleke said it is also the first time in SA’s history that the economy recorded negative growth in four consecutive quarters.
What Stats SA says about the retail sector
Zooming in on the retail industry, Stats SA also paints a similar picture of gloom and decline. From its recently published retail trade sales findings, retail sales decreased by 4% year-on-year in November 2020. Sectors such as food, beverages, tobacco and retailers in the textile, clothing, footwear and leather goods industry were the worst hit.