Retail Sales decreased 1.8 percent in September when compared to the same period last year.
Figures released by the Ministry of Economy and Labour today (Dec 21) show, in terms of value, Bermuda’s retail sales increased to an estimated $97.5 million.
When compared to the pre-pandemic period of September 2019, volume sales were 0.6 percent lower.
Three of the seven sectors recorded volume declines in September 2022.
The sales volume for Food Stores declined 10.2 percent, while its sales value rose 1.3 percent. The sales volume and value of Liquor Stores increased 3.5 percent and 4.0 percent, respectively. Compared to the pre-pandemic sales volume in 2019, Food Stores registered a 12.7 percent decrease, while sales for Liquor Stores were 0.5 percent higher.
The sales volume of Motor Vehicle Stores declined by 6.2 percent due to a lower number of vehicles sold. The sales value for this sector fell 4.3 percent. This sales level was 49.9 percent above the sales volume in September 2019 prior to the pandemic.
In the All Other Store Types sector (comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods), there was a decrease in volume of 3.4 percent as sales were lower for boat and marine supplies. The value of sales for this sector rose 5.6 percent. Sales for this sector registered 2.0 percent above the pre-pandemic sales volume for the same period of 2019.
The following sectors experienced increases in sales volume compared to the previous year.
The sales volume for Service Stations increased 6.8 percent. The value of sales grew 12.6 percent due largely to a 5.5 percent rise in the price of fuel. Sales for this sector registered 8.4 percent below the pre-pandemic sales volume in September 2019.
The sales volume and value for Building Material Stores increased 10.2 percent and 12.0 percent, respectively. The sales volume for this sector was 11.4 percent above the 2019 sales level.
The sales volume for Apparel Stores grew 12.0 percent while sales value increased 14.8 percent. This was due partially to increased inventory and foot traffic. However, the sales volume was 15.7 percent below the pre-pandemic sales of 2019.
Overseas declarations decreased 0.4 percent compared to September 2021. Overseas declarations were 52.3 percent higher when compared to the pre-pandemic period.
The public can review the September 2022 Retail Sales Index report in full at https://www.gov.bm/retail-sales-index-rsi.