Retail sales growth slowed to 0.5% in April, Statistics SA said on Wednesday.
This is down from 4.6% in March, the month before democratic South Africa’s first ever VAT hike.
The April figure was dramatically weaker than economists expected.
Consumer spending accounts for more than 60% of GDP.
Furniture stores thoroughly bucked the trend, growing sales by 11%.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
It [VAT increase] doesn’t go away… the petrol price hike was significant… the trend is worsening…— Evan Walker, 36ONE Asset Management
This might stem a rate hike…— Evan Walker, 36ONE Asset Management
We’re not seeing any job creation in the next couple of months…— Evan Walker, 36ONE Asset Management
We’re not going to get close [to 2% economic growth]… I have a very negative outlook for retail sales… We haven’t got more money to spend.— Evan Walker, 36ONE Asset Management
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:
Recommendedby NEWSROOM AI
Get a free credit report, then follow these five tips and see by how much you can improve your credit record.
Financial advisor Warren Ingram rubbishes some popular, yet blatantly untrue ideas that are keeping people from growing wealthy.
Bruce Whitfield interviews Aurik Business Accelerator founder Pavlo Phitidis for his weekly small business feature.
Smuggled out of Germany in the 1930s, then forgotten in Joburg. Bruce Whitfield interviews fine art specialist Luke Crossley.
Rich. Wealthy. Financially free... Call it what you will; the first million is how you get there. Warren Ingram on his book...
In the first episode of Solutionist Thinking with RMB, Bruce Whitfield speaks with author, businessman and trailblazer Reuel Khoza.
The Global Water Leaders Group will present preliminary results of a study evaluating Cape Town's water crisis.
Independent Journalist Kevin Bloom says its part of a global movement towards the recognition of the plant's properties.
The report reveals that former Gauteng Health MEC Brian Hlongwa and 11 others are involved in the irregular expenditure.
This week, the overall dam levels are at 40.9% of total storage capacity and there was an increase of 8.8 percentage points.
Sikonathi Mantshantsha echoes Parliament's sentiments in wanting to know what was discussed during David Mabuza's visit to Russia.
Acting Chief Executive and Registrar for medical schemes, Dr Sipho Kabane, explains what the Amendment Bill entails.
The City of Cape Town welcomes the first-ever ShotSpotter-linked conviction and sentence, handed down this month.
The instruction from Moyane to the official was to allegedly avoid speaking to KPMG investigators during 'rogue unit' inquiry.
Reverend Solomuzi Mabuza says he is considering laying charges against the woman for calling him a ka***r.
The Money Show’s Bruce Whitfield interviews Mtongana about her attitude to money (hopes and fears, successes and failures, etc.).