News Release: HAMILTON, Bermuda – The Ministry of Economy and Labour released the July 2022 Retail Sales Index on Friday (Nov 4).
July’s retail sales decreased by 1.1 percent compared to last year. In value terms, retail sales increased to an estimated $107.9 million.
Compared to the pre-pandemic period of July 2019, volume sales were lower by 6.7 percent, with four of the seven sectors experiencing growth in July 2022.
Service Stations’ sales volume increased 6.5 percent from last year and was 5.3 percent below the pre-pandemic sales of July 2019.
Sales volume for Apparel Stores increased by 4.2 percent, partially due to increased spending by overseas visitors. However, this sales volume was 16.9 percent below the pre-pandemic sales of 2019.
Sales volume for Liquor Stores rose 5.3 percent, while Food Stores’ sales volume fell 4.8 percent. Compared to the 2019 pre-pandemic sales volume, Liquor Stores registered a 6.1 percent increase, while sales for Food Stores were 8.2 percent lower.
In the All Other Store Types sector (comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods), a 0.4 percent increase was attributed to more sales for pharmaceuticals and boat and marine supplies. Sales for this sector registered 9.0 percent below the pre-pandemic sales volume in July 2019.
All Other Store Types (sale of household goods – appliances and electronics) experienced decreases in sales compared to the previous year.
Building Material Stores’ sales volume and value fell 9.7 percent. However, the sales volume for this sector was 0.6 per cent above the 2019 sales level.
Motor Vehicle Stores’ sales volume declined by 23.1 percent, resulting from a decreased number of available and sold vehicles compared to the previous year. This sales volume was 29.8 percent below the sales volume in July 2019 before the pandemic.
Overseas declarations increased by 1.2 percent compared to July 2021 and 21.0 percent higher than the pre-pandemic period.
The public can review the July 2022 Retail Sales Index report at https://www.gov.bm/retail-sales-index-rsi.