Hits&Misses Airbnb boosts economy; bleak Christmas looms for retailers

AIRBNB

more than doubled its contribution to South Africa’s economy by 2022, as travel rebounded after the Covid-19 pandemic, a new report shows. According to research firm Genesis Analytics’ analysis of the company’s data, in 2022 Airbnb contributed more than R23.5bn to the local economy, supporting about 50,000 jobs through its network of hosts and hospitality operators.

AGRIBUSINESS

investment holding group Zeder is upbeat about the coming fruit season after good winter rains in the Western Cape, despite destruction from recent storms that cut off roads, destroyed infrastructure and damaged crops.

CHEMICALS

and energy business Sasol, BMW SA and Anglo American

Platinum will team up to launch a pilot fleet of green hydrogen-powered vehicles in South Africa. The companies signed the agreement at the South African Green Hydrogen Summit in Cape Town. It is part of an international trial to understand how the BMW iX5 Hydrogen performs in real-world conditions. Sasol, which started producing green hydrogen in June, will supply the fuel and a mobile refueller to support the trial.

ANNUAL

inflation accelerated for the second successive month to 5.4% in September, up from 4.8% in August, according to Stats SA data published on Wednesday. While the rate remains within the Reserve Bank’s 3%-6% target band, it reinforces the recent hawkish language from Bank officials regarding inflation risks.

RETAIL trade fell by 0.5% from a year earlier in August after a downwardly revised 1% decline in the prior month, Stats SA data showed. This was the ninth consecutive month of decreases in retail activity.

CONSUMERS

may spend less over the festive season and on popular shopping days, such as Black Friday, according to the Altron FinTech Household Resilience Index, as interest rates continue to squeeze household finances. “Christmas may also be bleak for retailers ... with households now very clearly under severe strain, especially in the lower income brackets,” said Altron FinTech MD Johan Gellatly on Thursday. The index improved 0.4 points quarter on quarter to 109, but remained level year on year. Out of the 20 indicators that make up the index, 11 were down year on year and nine declined quarter on quarter.