The retail trade value in South Africa has shown considerable growth from 2013 to 2023, increasing from 66.47 billion ZAR to 112.46 billion ZAR. The period of 2014-2017 saw strong year-on-year growth rates averaging above 7%, peaking in 2016 with an 8.06% increase. However, growth slowed in 2018 and 2019, followed by a contraction in 2020 due to economic disruptions. The rebound started in 2021 with significant growth of 9.66%, continuing with positive, albeit slower, increases in 2022 and 2023 at 7.14% and 4.2% respectively.
The future outlook from 2024 to 2028 forecasts a 5-year CAGR of 2.84%, indicating a steady but moderate growth trend. Total growth over this period is projected to be 15.03%, reaching an estimated value of 134.55 billion ZAR by 2028.
Future trends to watch for:
- Impact of economic policies and reforms on consumer spending
- Technological innovations and e-commerce growth
- Responses to potential macroeconomic challenges and global market conditions
- Consumer behavior shifts post-pandemic