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Retail sales fall, overseas spending climbs

Retail sales remain in a tailspin seven months on, with the latest figures showing they fell again in January, this time down 6.3 per cent compared with the same period last year. In value terms, retail sales fell 2.7 per cent from the previous year’s period to an estimated $88.2 million

Meanwhile, overseas declarations increased 12.8 per cent during January 2022, influenced primarily by higher imports of printed materials, machinery and equipment by residents via courier.

Compared with the pre-pandemic period of January 2020, volume sales were 1.4 per cent lower, the Ministry of Economy and Labour said in releasing the January 2022 Retail Sales Index report.

Two sectors experienced growth in January 2022.

Building material stores’ sales grew 11.8 per cent due to higher demand for building material goods to support new construction projects and contract sales.

The sales volume for this sector remained 0.9 per cent below the 2020 sales level.

Motor vehicle stores’ sales grew 4.4 per cent due to increased inventory of cars available for sale. However, this sales level was 20.7 per cent below the sales volume in January 2020 before the pandemic.

All other sectors experienced declines in sales volume compared with the previous year.

Service stations’ sales fell by 3.4 per cent from last year and remained 9.7 per cent below pre-pandemic sales in 2020.

In the all other store types sector (comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods), there was a 5.9 per cent decrease due to lower electronics sales. Sales for this sector registered 3.5 per cent above the sales volume in 2020.

Sales at apparel stores decreased by 11.5 per cent, reflecting more residents purchasing apparel overseas. This sales level was 14.3 per cent below pre-pandemic sales in 2020.

Sales at food stores decreased by 11.5 per cent, while liquor stores’ sales fell by 14.1 per cent.

Compared with pre-pandemic sales in 2020, Food Stores registered a 1.1 per cent decline while sales for liquor stores were 3.4 per cent higher.

The January 2022 Retail Sales Index report: https://www.gov.bm/retail-sales-index-rsi.

Retail sales continue to fall across the island (File photograph)

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Published April 28, 2022 at 7:38 am (Updated April 28, 2022 at 7:38 am)

Retail sales fall, overseas spending climbs

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