Retail sales surged more than expected to an annual rate of 3.3% in November, the highest since mid-June 2021, fuelled by the Black Friday shopping spree.
Textiles, clothing, footwear and leather goods were the biggest beneficiaries as consumers rushed to snap up special offers that mark the start of the festive season sales period. General dealers also reported brisk sales, Stats SA said in a statement on Wednesday.
Economists had forecast a 2% increase, according to the median estimate in a Bloomberg survey.
Though the number beat forecasts, retail sales could face headwinds as consumer inflation picks up. Stats SA on Wednesday also reported that CPI rose to 5.9% in December, its biggest annual increase since March 2017 when the rate was 6.1%.
Retail sales rose 1.9% year on year in October, down from 2.1% growth in September.
In the three months to end-November, retail sales increased by 2.5% compared with the same period a year earlier.
The main positive contributor to that increase was textiles, clothing, and footwear and leather goods.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.