News Release: HAMILTON, Bermuda – Today, the Ministry of Economy and Labour released the January 2023 Retail Sales Index (attached).
January’s retail sales volume decreased 0.2 percent compared to last year. In value terms, retail sales increased to an estimated $93.8 million.
Two of the seven sectors recorded volume decreases in January 2023.
The sales volume for Building Material Stores decreased 7.9 percent. The sales volume for this sector was 22.2 per cent below the 2019 sales level.
The following sectors experienced increases in sales volume compared to the previous year.
The sales volume at Apparel Stores rose 13.6 per cent and was 15.7 percent below the pre-pandemic sales of 2019.
The sales volume for Food Stores fell 10.8 percent, while Liquor Stores’ sales volume rose 8.6 percent. Compared to the pre-pandemic sales volume of 2019, Food Stores sales decreased 16.3 percent, while sales at Liquor Stores were 6.7 percent higher.
In the All Other Store Types sector (comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods), sales volume increased 1.7 percent. Sales for this sector registered 3.9 percent above the pre-pandemic sales volume over the same period in 2019.
Service Stations’ sales volume increased 6.0 percent from last year and was 6.3 percent below the pre-pandemic sales in January 2019.
Compared to the previous year, Motor Vehicle Stores’ sales volume rose 5.1 percent due to a higher inventory of vehicles available along with sales incentives. The sales level was 17.0 percent below the sales volume in January 2019 before the pandemic.
Overseas declarations decreased 7.7 percent compared to January 2022 and were 45.5 percent higher than in the pre-pandemic period.
The public can review the January 2023 Retail Sales Index report at https://www.gov.bm/retail-sales-index-rsi.
