Retail sales fall for sixth straight month – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Retail sales fall for sixth straight month

Retail sales fell for a sixth consecutive month during August. After adjusting for the 2.9 per cent rate of inflation, the volume of sales was down 4.3 per cent, while the value dropped 1.4 per cent to $97.7 million.

The largest sales volume decrease was recorded by motor vehicle retailers, where there was a 29 per cent decrease. It was among the four retail sectors that declined during the month.

Apparel stores saw sales volume contract 8.5 per cent, while revenue was down 5.4 per cent, year-on-year. Building material stores were also hit by lower demand, with sales down 5.3 per cent in volume and 5.2 per cent in value.

The “all other stores” sector was down 3 per cent in volume, although sales value edged up 0.7 per cent.

Food stores and liquor stores both increased sales volume by 1.5 per cent, with the value of sales up 2.2 per cent for food stores, and 4.6 per cent higher for liquor stores.

The volume of fuel sales at service stations was 0.5 per cent higher, although the value jumped 5.8 per cent, mostly due to a 5.3 per cent rise in fuel prices.

Residents declared $6.4 million in overseas purchases during August, which was 3 per cent lower than the same period last year.

The combined local and overseas spending for August was $104.1 million.

The Retail Sales Index data was released by the Bermuda Government Department of Statistics.

Reduced demand: retail sales volume in August was down 4.3 per cent, year-on-year, after adjusting for inflation (Graph supplied)

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Published November 20, 2018 at 2:34 pm (Updated November 20, 2018 at 2:34 pm)

Retail sales fall for sixth straight month

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