Retail sales reverse trend, climb 14.2%
Retail sales reversed a nine-month trend and rebounded for spring, as reflected in the April 2022 Retail Sales Index.
The Ministry of Economy and Labour said April’s retail sales grew 14.2 per cent compared with last year, after nine consecutive months of declines. (See related media).
In value terms, retail sales increased to an estimated $100.1 million.
The Government said that compared with the pre-pandemic period of April 2019, volume sales were higher by 1.7 per cent, with five sectors experiencing growth in April 2022.
Sales at Apparel Stores increased by 264.7 per cent, reflecting increased spending by residents due to the easing of Covid-19 regulations and no temporary shutdown in April 2022. This sales level was 30.1 per cent below the sales of 2019.
Motor Vehicle Stores’ sales grew 112.7 per cent due to an increased number of cars sold compared with the previous year. This sales level was 26.7 per cent above the sales volume in April 2019 before the pandemic.
Building Material Stores’ sales rose 51.9 per cent. The increase was due to no temporary closures and the easing of Covid-19-related regulations this year. The sales volume for this sector was 28.2 per cent above the 2019 sales level.
Service Stations’ sales increased 32.6 per cent from last year and were 3 per cent below the pre-pandemic sales of 2019.
All other sectors experienced increases in sales volume when compared with the previous year.
In the All Other Store Types sector (comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods), there was a 21 per cent increase in sales attributed mainly to jewellery and tourist-related items.
Sales for this sector registered 10.3 per cent below the pre-pandemic sales volume in April of 2019.
Two other sectors experienced declines in sales volume compared with the previous year.
Sales at Food Stores decreased 12.6 per cent, while Liquor Stores’ sales fell 8.7 per cent. Compared with pre-pandemic sales in 2019, Food Stores registered a 1 per cent increase, while Liquor Store sales were 5.2 per cent higher.
Overseas declarations increased 14.1 per cent compared with April 2021 and 47.8 per cent over the pre-pandemic period, influenced primarily by returning residents at the airport.