Building and household spending rebound in March
Retail sales strengthened in March, helped by a sharp turnaround in building-material purchases and growth in household-related spending.
The volume of retail sales rose 2.1 per cent compared with March last year, the Department of Statistics said, while the value of sales increased 6.2 per cent to an estimated $102 million.
After adjusting for the 4.1 per cent retail inflation rate, four of the island’s seven retail sectors recorded higher sales volumes.
Building material stores led the gains, with volume rising 17.1 per cent year on year. The result marked a reversal from February, when the sector’s sales volume fell 8.9 per cent.
The broad all-other-store-types category, covering household goods, furniture, appliances, electronics, pharmaceuticals and tourist-related products, recorded a 9.8 per cent rise in volume. It followed an 8.8 per cent increase in February.
Within the category, sales of miscellaneous goods increased 31.8 per cent, while marine supplies rose 21.6 per cent and appliances and electronics climbed 17.1 per cent.
Food-store sales volume increased 2.1 per cent, while service-station sales rose 6.1 per cent.
However, liquor-store sales volume fell 6.2 per cent, apparel stores recorded a 5.4 per cent decline and motor-vehicle stores fell 2.9 per cent.
Selected overseas declarations, which cover purchases imported directly by consumers, increased 10 per cent to $33 million.
Household goods arriving by sea rose $1.5 million to $11.3 million, while courier imports increased by $1.6 million to $16.8 million.
The overseas-purchase increase was more moderate than in February, when declarations jumped 30.3 per cent to $31 million. March’s local retail growth, by contrast, was broader, with the building materials adding to demand for household goods.
• For more on the Retail Sales Index, see Related Media
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