Retail and Wholesale

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    December retail trade sales far exceeded our expectations, rising 5.3% y/y, but down -2.6% m/m on a seasonally adjusted basis. General dealers, clothing and “other retailers each added 1.4 pps (4.2 pps cumulatively), jumping 3.3% y/y, 5.9% and 14.7% respectively. In what may be tentative signs of a recovery in durable goods sales, furniture retailers […]

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    November retail trade sales surpassed even our bullish expectations, registering 8.2% y/y from an upwardly revised 3.5% in October. This was the strongest year-on-year performance in five years.  Sales were 4% higher m/m on a seasonally adjusted basis. General dealer sales jumped 6% y/y, while furniture, clothing and pharmaceutical sales accelerated 14.1%, 12.4% and 4.6% […]

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    In line with our expectations, October retail trade sales softened to 3.2% y/y from September’s upwardly revised 5.7%. We ascribe the slower growth rate to consumers having deferred some purchases in anticipation of large Black Friday savings in November. General dealers (-0.3% y/y) and hardware retailers (-0.9% y/y) were the only two categories to contract […]

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    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    September retail sales registered a very robust 5.4% y/y expansion, with all categories apart from hardware growing in the month. The September print, the last for the third quarter, saw the quarter-on-quarter change come in at 1.4%. General dealers, which expanded by 3.4% y/y was the second biggest contributor (1.5pps) after “other retailers”, which have […]

    • Date of birth:
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    • Studied:

    Jason is the senior industry analyst at FNB. Prior to joining FNB, Jason worked in the Global Markets Research team at Rand Merchant Bank. In his six years with the FirstRand group, he has advised both internal and external clients on how macroeconomic factors will impact developments within the various sectors of the economy. Before joining Rand Merchant Bank, Jason was the Head of Natural Resources research at Accenture, a global management consultancy. He holds a PhD in Anthropology from the University of the Witwatersrand.

    August retail trade sales exceeded our expectations of modest growth, registering an extremely robust 5.5% y/y and 2.4% m/m. The print was the highest annual growth rate since May 2013, and didn’t come off a particularly low base.  Year-to-date, retail sales are tracking 1.5% higher than at the same point last year. General dealer sales […]

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