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June retail sales volume plunges 10%

Retail sales volume plunged by 10 per cent in June compared to the same month in 2017 when the island was hosting the monthlong America's Cup.

It was the fourth successive month of year-over-year retail sales declines, according to data published today by the Department of Statistics, and all sectors recorded sales declines.

Apparel sales saw a decrease with sales down 28.6 per cent when inflation is taken into account, compared to a bumper month 12 months earlier, while marine and boat supplies stores saw a 49.1 per cent decrease in revenue.

The one area in the report to see an increase was the purchases declared by returning residents at the airport, which rose 10.5 per cent to $4.2 million.

In the local economy, consumers spent around $104 million in June, down from $112.1 million in June 2017.

Service station saw a 12.2 per cent decrease in sales volume, as lower fuel demand outweighed an 8.3 per cent increase in fuel prices.

Food stores' sales were down 5 per cent after inflation, while liquor stores saw an 8.3 per cent decline. “Some retailers noted depressed sales when compared to revenue earned during the hosting of America's Cup last year,” the report stated.

Motor vehicles distributors also saw sales fall 4.5 per cent after inflation.

Excluding Sundays, there were 25 shopping days during the month, the same as in June 2017.

America's Cup comparison: retail sales took a plunge in June this year compared to 12 months earlier (Graph by Department of Statistics)

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Published September 24, 2018 at 4:41 pm (Updated September 25, 2018 at 1:02 am)

June retail sales volume plunges 10%

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