NRetail sales during the month of October 2020 increased 7.9 percent when compared to the same month in 2019 when volume decreased 3.6 percent.
According to Wayne Furbert, Minister for the Cabinet Office, who released the latest figures today: “The retail sales growth in October 2020 is the 4th consecutive month of increase as compared to the same month in 2019. This consistent increase in activity is good news for Bermuda’s economy, and many local businesses.
“Six of the seven retail sales sectors experienced positive growth in October 2020. Motor Vehicle stores experienced the largest sales volume increase of 21.2 percent due mostly to an increase in the number of cars sold,” he added.
“The All Other Store Types sector comprises a variety of stores selling household items, furniture, appliances, electronics, pharmaceuticals, marine supplies and tourist-related goods. This retail sector recorded a 9.5 percent rise in sales volume due mostly to increased demand for boating accessories, furniture, appliances and electronics. Gross receipts from the sale of miscellaneous goods decreased 3.8 per cent due to reduced spending in tourist-related stores.
“Building and material stores saw an increased sales volume of 5.1 percent, with value in sales revenue increasing by 5.2 percent.”
“Food Stores and Liquor Stores recorded a 7.2 percent and 17.7 percent growth in volume sales, respectively. The positive sales growth was attributed partly to rises in the prices for food and alcohol of 3.6 percent and 2.6 per cent respectively, as well as more on-island spending by residents.”
The Minister continued: “Retailers of fuel experienced a slight 0.1 per cent increase in sales during the month. In contrast, retailers of Apparel Stores experienced an 11.9 per cent decline in sales volume due partly to increased online purchases of clothing from overseas retailers and lack of resident and tourist purchases.
“I would like to thank the residents of Bermuda for playing a key role in revitalizing retail sales, as I recognize that many residents are not traveling and spending some of their earnings in Bermuda. In addition, the Government’s continued commitment to remove unnecessary red tape is bearing benefits which are visible and measurable within these recent statistics from our local economy.”
The October 2020 Retail Sales Index publication is available online at https://www.gov.bm/retail-sales-index-rsi.