Liquor sales fuel retail increase
A ten percent increase in liquor sales helped retail sales show an increase last November, according to a report released this morning.
The Retail Sales Index showed that sales recovered by 1.3 percent, or $1.1 million, during November 2012. Sales activity increased in five of the seven retail sectors, according to the report with liquor stores and motor vehicle stores registered the largest gains in sales of 10.1 percent and 9.6 percent, respectively. In contrast, retailers of building materials reported the strongest dip in sales of 28.7 percent.
Goods valued at $6.7 million were declared by residents returning to the Island from overseas trips during November 2012. This was 13.6 percent, or $800,000, more than the $5.9 million declared in November 2011. Combined local and overseas spending totalled $88.8 million.
After adjusting for the annual retail sales rate of inflation, measured at 1.5 percent in November 2012, the volume of retail sales fell by 1.8 percent.