South Africa’s retail sales growth slowed to 1.6% year-on-year in June 2025 from a revised 2.3% in May, while sales declined 0.4% month-on-month after falling 0.3% in May. Growth was supported by pharmaceuticals and medical goods, cosmetics and toiletries, general dealers and food retailers, but household furniture, appliances and hardware sales weakened. The figures point to cautious consumer spending, with implications for businesses and the South African Reserve Bank’s monetary policy outlook as analysts assess whether softer demand could support rate cuts later this year.