Retail Trade Sales in South Africa have seen a general upward trend from 2013 to 2023, reaching 98.59 billion South African Rands in 2023. However, a notable dip occurred in 2020 due to the pandemic, causing sales to drop by -6.51%. Recovery was seen in 2021 with a 6.27% increase, followed by smaller growth rates of 1.67% in 2022 and 1.62% in 2023. The Compound Annual Growth Rate (CAGR) over the past five years was 0.82%.
Future trends to watch for:
- Steady growth is forecasted, with an expected CAGR of 1.18% over the next five years.
- Growth rate projections for 2028 indicate a 6.06% increase from 2023 levels.
- Potential impacts from economic policies, consumer behavior shifts, and technological advancements may influence retail sales trends.
