The South Africa retail market grew at a CAGR of 4.21% from 2007-12 and is expected to grow at a CAGR of 5.46% from 2012-17. Inequality in the country is very high; South Africa has the largest number of millionaires in Africa and yet 50% of the population is living below the poverty line.
The South African economy, though the largest in Africa, is currently hindered by several difficulties including a particularly high unemployment rate at 25%.
General retailers was the largest channel group with hypermarkets, supermarkets and hard-discounters recording the highest sales among the various channels under the general retailers channel group during review period. The convenience stores (including independents) and gas stations channel recorded the second highest sales.
Aspirational consumption among rich and educated consumers has been on the rise for many years, which has led to immense growth of the luxury goods market in South Africa. Rapid urbanization and the rising number of rich people in South Africa are proving to be favorable for luxury goods retailers.
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