Retail sales fall by most in more than three years
Retail sales volume plunged 7 per cent year-over-year in October — the largest year-over-year drop in 3½ years.
All seven sectors measured in the Department of Statistics Retail Sales Index saw declines.
Three saw double-digit falls in sales volume — building materials stores suffered a 21.3 per cent plunge, motor vehicle stores a 12 per cent dip, and apparel stores an 11.4 per cent fall.
At the same time, imports via courier surged more than 26 per cent, rising $4.2 million, compared with October 2024, to $20.2 million.
In total, all overseas declarations — which include goods brought in by residents through the airport, by ship and via the Bermuda Post Office — rose 16.8 per cent to $35.5 million.
Sales volume is adjusted for the rate of inflation, measured by the index at 3 per cent. In terms of value, which includes inflation, local retail sales fell 4.2 per cent to an estimated $99.3 million, according to the RSI.
Excluding Sundays, there were 27 shopping days, the same as in October 2024. Weather may have been a factor in the dampened spending, as Bermuda was hit by two hurricanes during the month — Imelda on October 1 and 2, and Melissa on October 31.
The last time retail sales took a greater dive was in March 2022, when the year-over-year fall was 8 per cent.
• See the full RSI report under Related Media
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