Consumer spending in Bermuda continues to fall
TUESDAY, NOVEMBER 16: A depressing decline in the amount spent by shoppers has continued with another big drop in retail sales, according to Government figures released this morning.
The Department of Statistics said consumers spent an estimated $82.7 million on retail sales in September — a drop of $5.2 million or 5.9 per cent, compared with the level in September last year.
Retailers of building materials, motor vehicles and clothing reported the largest year-over-year percentage declines.
The value of overseas purchases declared by residents returning to the Island from business and vacation trips was $5.4 million in September, 12.9 per cent lower than the $6.2 million declared in the same month last year.
After adjusting for the annual retail sales rate of inflation, measured at 2.8 per cent in September, the volume of retail sales contracted by 8.5 per cent.
