S.A Consumer spending turns upward in face of tight economic conditions

Despite challenging economic conditions, retail sales growth for July 2017 was the highest recorded for that month since 2015. This is according to the Mastercard SpendingPulse™ report, a macroeconomic report tracking retail sales launched today in South Africa.

Nominal (not adjusting for price changes/inflation) July retail sales grew 7.2 percent versus the same month last year, marking the 55th consecutive month of positive growth. Volume retail sales – which removes the effects of inflation – for July also saw a positive increase of 2.3 percent year-over-year, indicating that consumer spending remains resilient, despite higher consumer prices.

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