Business owners in South Africa hit with new low

The Bureau for Economic Research reports that sentiment for retailers in South Africa has reached a new low since the 2009 global financial crisis.

“In fact, according to Stats SA, retail sales in January were -0.8% lower than at the start of 2022. The BER’s 2023 Q1 survey results indicate a continuation of the contraction in durable- and non-durable goods sales volumes that started in the fourth quarter of 2022.” Rubbing salt to the wound, consumer confidence is at levels last seen during the pandemic as well as the second quarter of 2022 when KwaZulu-Natal was hit with severe flooding, and the war in Ukraine just started to have global knock-on effects.

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