Retail sales fell 2.4% in December – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Retail sales fell 2.4% in December

Retail sales last December fell 2.4 per cent compared to the same period in 2015.

The total spend dropped to $108.9 million from $111.6 million, with three of the seven sectors monitored by Government statisticians reporting decreases in sales revenue.

After adjustment for the rate of inflation, which stood at 0.9 per cent in December, the volume of retail sales dropped 3.2 per cent. The month, however, was still the biggest spending one of the year, with last July in second place with retail sales of $105.2 million.

The biggest loser in the run-up to last Christmas was the motor industry, which saw a 25.4 per cent drop in sales revenue.

Statisticians said the drop reflected a 29.4 per cent fall in sales volume in showrooms.

Building materials stores had the biggest increase in sales receipts, up 1.8 per cent.

Residents returning from overseas declared purchases totalling $6.5 million, down 4.4 per cent on the $6.8 million in December 2015.

The combined island and overseas spend totalled $115.4 million for the month.

The increase in sales receipts from building materials was put down to more stock for sale and an increased number of contract jobs.

When adjusted for inflation, the real rise was 1.5 per cent.

The all other stores types category, which includes furniture, appliances and electrical suppliers, as well as pharmacies and marine and boat supplies, fell by 1.9 per cent, or 3 per cent, when inflation is factored in.

Sales receipts for furniture, appliances and electronics dropped by 11.5 per cent, while gross receipts in the marine sector fell 7.8 per cent.

Other miscellaneous sales decreased 1.9 per cent.

Pharmacies, however, saw gross receipts rise 5.8 per cent.

Receipts from food sales also fell, down 0.9 per cent, but liquor stores recorded a 1.4 per cent increase.

The sales volume of food and liquor stores were 2.7 per cent and 3.5 cent lower respectively.

Service stations saw an increase in the value of fuel sales of 1.1 per cent, attributed to a 1.8 per cent increase in the price of fuel, but after adjustment for inflation, the sales volume of fuel dropped 2.4 per cent.

Sales revenue in the clothing sector went up 1.7 per cent, up to 2.2 per cent when inflation was factored in.

Sales dip: shoppers spent less at retail outlets in December than they did in the same month a year earlier

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Published February 10, 2017 at 4:02 pm (Updated February 10, 2017 at 4:02 pm)

Retail sales fell 2.4% in December

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