Despite the crushing economic challenges in South Africa, luxury retail is booming.
An analysis of trading densities across major retail centres in South Africa shows that stores geared towards luxury brands are booming in the country.
In the group’s index for the second quarter it found that South Africa showed annualised trading density at R39,879 per square metre, a growth of 8.4% on the June 2022 figure. “Translating into US dollars, this density at approximately $20,000/sqm has impressed international observers,” Clur said. “That aligns with findings that elsewhere in Africa, the sector is highly under-traded. According to Statista, a global business intelligence and data platform, the African luxury goods market is expected to grow by 6.6% to US$6 billion between 2023 and 2028.”
This was also recently displayed by the latest Consumer Financial Vulnerability Index from Momentum and Unisa, which showed that South African consumers are finding money to splurge on “feel-good” purchases even though they are still under economic strain.
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