Bermuda Residents Continue to Spend Less
Bermuda residents are spending substantially less both at home and abroad, according to figures released this morning [Nov 16] by the Department of Statistics.
There was an almost six percent drop in local retail sales on a year-over-year basis when locals spent an estimated $82.7 million on goods and services during September, 2010 — a drop of $5.2 million.
And overseas spending slumped in September as well with locals spending just $5.4 million while vacationing or on business trips — a 12.9 per cent decline from the $6.2 million recorded in the same month in 2009.
A contracting Bermuda employment market and the lingering effects of the 2008 recession are the chief factors behind the ongoing corporate and personal belt-tightening.
The full 4-page report is below, click ‘Fullscreen’ for greater clarity:
No surprise here….
Bermudians will CONTINUE to Spend Less… I keep hearing folks crying foul because their business is not doing well. In these current econmic times how do you expect to profit and prosper if your prices are ridiculous??? its a fact that people are “pinching their pennies” right now and its going to be a “lean” Christmas for most. I have seen no specials that would entice ME!!,…instead of having things marked up at 200% in some cases offer some REAL specials for a change…making SOME money is better than making NO money!!! use your marketing stategies and give the people incentive to shop…hair salons and spas can offer better specials…I am tired of hearing the “shop keepers” moaning and groaning because they are not making any money…
I hear P&L.
Just the other day I was looking for an external hard drive at the local computer stores and decided to do some comparisons. The $270 model availablein Bermuda is available at $70 brand new.
And you seriously expect me to buy BDA? Try again…
It’s a shame that they have continued to let it get this way knowing that people are pinching their pennies. Shops are crying out for shoppers when the truth is, they aren’t lowering their prices. Basic supply and demand friends. I agree with P&L some money is better than none at all. Wake up Buy Bermuda campainers, I will come when the price is right. Like they say if you make it they will come, same applies for spending.
That’s because they think having more sales IS lowering prices.
For me it’s not even about prices, but poor selection. I happen to be “blessed” with big wide feet. Ever try finding shoes in this size bracket? I managed to find one pair 2 weeks ago at Boyles, but every other style was normal width. Hence I shop for shoes at Leonards Wide Shoes in the U.S. Are they cheaper than here? No, but they FIT!
Got that right!!!!!!!!
Completely feel you mate!!!! I absolutely agree.
Peace and Love…you are absolutely right….I am still waiting for the grocery stores to get the message…apparently they would rather throw food out than drop the price for quick sale….greedy and silly!!!
What a wake up call…sounds like a lifestyle and business change is in order.
“I hear you P&L”
Bermuda businesses have some huge overheads that US companies do not have. One of them is import duty & financing that duty. It is all electronic. No need for the paper shufflers on Front Street.
The Chamber of Commerce has been pleading with Government for decades to eeze them up. No Government, Not the UBP nor the PLP has listened. Duty is not the only reason that prices are high but duty & the massive government department that administers duty is a big part of it IMO.
Maybe it is time to do away with pre sale duty & think of implimenting a ‘point of sale’ tax. A sales tax. The tax gets passed on to the Government when the sale is made or the service is given.
It works for so many other countrys. Why not here? The biggest losers would be the banks no longer getting the interest on short term loans for duty paid on stock sitting on shelves for who knows how long.
No more huge customs service. What is left of customs would be mainly for contraband interception.
Although retailers must pay duty up front and have a fair amount of overhead it still does not justify their markups of 200-300%! I recently went online for a water filter for my fridge after going to the local dealer here for the same item. Local price for one filter $183.00 Online price for a package of 4 of the same filters $164.00 landed cost!!! So wake up up Bda Retailers you are doomed! Half a loaf of bread is better than none at all!
It is absolutely ridiculous, the price markup here! I just came back from the US and brought an easy bake oven for 18 bucks, I see the exact same one in phoenix for 84 bucks! And the packages of food to go with it are 5 bucks, here they are being sold for 14! This is just one item but I have a whole list that I compared prices! This is the exact reason why people shop overseas!! Were getting royally ripped off here….
Greed, Bermuda has overpriced everything. Why is food so expensive, if the hardworking citizen
can’t afford the prices. How do we expect the poor to survive. Customs loves to charge the hardworking citizen who goes away to get a good deal while letting the drugs and guns in, if this is the case why don’t they tell the public they not looking to catch criminals anymore only the consumer who went to look for a bargain