South Africa Retail Trade Slows, Misses Forecasts

Retail sales in South Africa climbed by 2.6% year-on-year in March 2026, following a 1.6% increase in February and slightly above analysts' forecasts of a 2.5% rise. The key contributors were general dealers (1.7% vs -1.1% in February) and all other retailers (7.1% vs 9.9%). Higher sales were also recorded for household furniture, appliances and equipment (11.3% vs 8.8%); pharmaceuticals and medical goods, cosmetics and toiletries (5.4% vs 6.4%); and textiles, clothing, footwear and leather goods (4% vs 4.2%). Conversely, sales declined for food, beverages and tobacco in specialised stores (-5.6% vs -5.3%). On a seasonally adjusted monthly basis, retail trade went up by 0.1%, after a revised 1.1% decline in the prior month. Retail trade sales grew by 2.8% in the first quarter of 2026 compared with the first quarter of 2025.

Retail sales in South Africa rose by 1.6% year-on-year in February 2026, following an upwardly revised 4.4% jump in the prior month and missing analysts' forecasts of a 4.8% surge. This marked the weakest growth in retail activity since September 2024, in part due to a sharp slowdown in sales of textiles, clothing, footwear and leather goods (3.9% vs 9.7% in January) and hardware, paint and glass (0.1% vs 1.9%). Furthermore, lower sales were recorded for food, beverages and tobacco in specialised stores (-5% vs -6.1%) and general dealers (-0.9% vs 2.4%). On a seasonally adjusted monthly basis, retail trade fell by 1%, after a 0.9% increase in the previous month. Retail trade sales rose by 2.8% in the three months ended February 2026 compared with the three months ended February 2025.

Retail sales in South Africa surged by 4.2% year-on-year in January 2026, the most in six months, following a downwardly revised 2.5% increase in the prior month. Figures came in above market forecasts of a 2.5% rise. The largest contributors to the increase were retailers in textiles, clothing, footwear, and leather goods, which rose 9.9% and added 1.6 percentage points; all ‘other’ retailers, up 10.3% and contributing 1.2 points; and general dealers, which increased 1.7%, adding 0.7 points. On a seasonally adjusted monthly basis, retail trade went up 0.9%, after a revised 0.5% fall in the prior month.