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Given the depths of the economic crisis South Africa is facing in the wake of the COVID-19 pandemic, businesses would have hoped to have seen bolder economic reforms and more support from the 2021 Budget Speech from Finance Minister Tito Mboweni, says Steven Heilbron, CEO of the Connect Group.
Heilbron says that the decision not to increase VAT or personal income tax is welcomed. It is positive that low to middle income earners will get a small amount of income tax relief from the Budget for 2021/22. Retailers and other SMEs will be relieved that the cash-strapped consumer will not be paying more PAYE.
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Small and medium-sized retailers in SA will be hoping for some relief from the Finance Minister’s annual Budget Speech this year, following the devastating impact of the COVID-19 pandemic on their finances and businesses. Measures such as extending the Temporary Employer-Employee Relief Scheme (TERS) and easing red tape could help them to weather this turbulent time and get back into a growth mode.
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After a difficult year that saw year-on-year sales fall every month between the start of the hard lockdown and September, South Africa’s retail sector is hoping for a fresh start in 2021. Merchants that start the year with access to financing and ready to pursue new opportunities, will be best positioned whatever the new year and lockdown restrictions may have in store.
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This has been an extraordinarily difficult year for most South African retailers, with sales showing year-on-year declines for five consecutive months up to end-August, according to Stats SA. Many of them are hoping for a bumper Black Friday and festive season to set them back on the path to recovery following the income lost during the more restrictive levels of the COVID-19 lockdown.
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The retail cash bonanza that is Black Friday will have to be approached differently this year in view of Covid-19 prevention measures. But retailers that get it right, can end 2020 on a reasonably high note and set themselves up for growth and success.
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Growing your business in a barren economy
In the lead up to the Budget Speech on Wednesday 26 February, the outlook for both consumers and retailers looks bleak. The primary balance adjustments are expected to fall short of previous estimations in combination with South Africa’s weaker nominal GDP growth, could mean an inevitable downgrade to junk status by ratings agency Moody’s.
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Given that cash is still the most preferred method of payment in South Africa, Black Friday promises to be a cash bonanza for both consumers and retailers.
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Given that cash is still the most preferred method of payment in South Africa, Black Friday promises to be a cash bonanza for both consumers and retailers.
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According to Statistics SA, the months of October, November and December account for around 29% of annual sales – indicating clearly just how important the last few months of the year are for retail sales.