July 2017 Retail Sales Index
Retail sales up 2.2% in July
Retail sales climbed 2.2 per cent in July, boosted by higher sales of vehicles, but liquor stores saw a sharp fall in receipts.
Retailers took an estimated $106.3 million at the till during July, according to the Retail Sales Index, published today by the Department of Statistics. That was up from $104 million 12 months earlier.
Five of the seven sectors saw increases in sales revenue with motor vehicles recording the largest increase in sales receipts of 14.9 per cent.
The increase in this sector was attributed to new inventory for sale and price incentives.
Vehicle sellers had seen double-digit percentage declines in sales for six of the previous seven months.
Liquor stores’ takings fell 9.5 per cent, or 14.5 per cent when inflation is taken into account. “Retailers attributed the decrease in liquor sales to increased pricing due to the newly imposed import tariff,” commented the Department of Statistics.
Food store receipts rose 2 per cent, while building materials outlets saw a 3.3 per cent fall in sales.
Sales revenue for apparel stores was 2 per cent higher in July, reflecting greater tourist demand for sale items.
Returning residents declared overseas purchases of $3.4 million, which was 22.7 per cent lower than July 2016. This contributed to a combined local and overseas spending of $109.7 million.
After adjusting for the annual retail sales rate of inflation, measured at 1.5 per cent in July, the volume of retail sales increased 0.7 per cent.
Excluding Sundays, there were 26 shopping days during the month, two more than July 2016.
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