shopping booms

Higher interest rates haven't dampened shoppers' appetite yet, according to Statistics South Africa's latest retail data. Total retail sales hit R37billion in March.

Higher interest rates haven't dampened shoppers' appetite yet, according to Statistics South Africa's latest retail data. Total retail sales hit R37billion in March.

Standard Bank said: "To some extent this is surprising given the monetary tightening that took place last year. Tighter monetary policy, however, operates with a lag of about six to 12 months on consumer activity, so it is expected that consumer spending is still likely to start tapering off towards the second quarter." - Staff Reporter.

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