FX.co ★ South Africa's Retail Sales Drop by -2.1% Year-over-Year in January 2024

South Africa's retail sector faced a downturn in January 2024 as the country's retail sales plummeted by -2.1% compared to the same period a year ago. This decline comes after a more positive performance in December 2023 when retail sales had increased by 3.2% year-over-year. The latest data, updated on 20 March 2024, paints a concerning picture of the South African retail landscape, raising questions about consumer confidence and spending patterns in the country. The comparison period, focusing on Year-over-Year figures, highlights the significant shift in retail sales trends within just a one-year timeframe, indicating potential challenges for the sector moving forward. With the economy facing various pressures, stakeholders will be closely monitoring future retail sales data to assess the sector's recovery and resilience.