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Slide continues for retail sales

Figures delivered for November by the Department of Statistics revealed the enduring slide for retail sales, with the index continuing to go in the wrong direction.

The Ministry of Economy and Labour released the November 2021 Retail Sales Index, showing that November’s retail sales fell 8.6 per cent compared with the same month in 2020.

In value terms, retail sales fell 4.7 per cent, which represents an estimated $96.8 million compared with November 2020.

A government statement highlighted an area of positive retail sales activity, Motor Vehicle Stores, which grew by 15.2 per cent spurred by an increase in the number of cars sold.

Also during November 2021, overseas declarations increased 10.0 per cent compared with November 2020. The rise in overseas declarations was influenced mostly by higher imports by households via sea, related to clothing and accessories.

There were some declines in various sectors.

Service Stations’ sales fell 4.0 per cent despite an increased in vehicular traffic compared with the previous year.

Sales at Apparel Stores decreased 5.4 per cent as more residents travelled and purchased clothing overseas.

In the All Other Store Types sector (comprising of stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods), there was a 10.3 per cent decrease due to lower sales of furniture, appliances and boating supplies, as well as sales at pharmacies.

Sales at Food Stores decreased 8.7 per cent, Liquor Stores’ sales fell 11.0 per cent and Building Material Stores’ sales declined by 33.3 per cent.

See the November 2021 Retail Sales Index report in full at https://www.gov.bm/retail-sales-index-rsi

Retail strain: falling sales volume continued for a fifth successive month to November 2021 (File photograph)

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Published March 02, 2022 at 7:40 am (Updated March 02, 2022 at 7:26 pm)

Slide continues for retail sales

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