March 2016: Retail Sales Increase By 4.9%

Retail sales in March 2016 increased 4.9% above the $87.7 million recorded in March 2015 – and when adjusting for the annual retail sales rate of inflation, measured at 1.1% in March, the volume of retail sales increased 3.6% — according to the recently released Retail Sales Index.

“Six of the seven sectors experienced increases in sales revenue. Building material retailers registered the largest gain in sales receipts of 13.3%. Apparel stores recorded a decrease in sales of 4.3%.” the report said.

Chart extracted from the report:

“Returning residents declared overseas purchases valued at $3.4 million, which was 8.1% lower than March 2015. This contributed to a combined local and overseas spending of $95.4 million.

“After adjusting for the annual retail sales rate of inflation, measured at 1.1% in March, the volume of retail sales increased 3.6%. Excluding Sundays, there were 27 shopping days during the month, one more than March 2015.

“Receipts from the sale of building materials increased 13.3% year-over-year. The rise in sales was linked to the availability of increased inventory as well as a rise in do-ityourself projects and small contractor business. When adjusted for inflation, the sales volume increased 8.3%.

“Retail sales of motor vehicles were 6.8% higher than the level reached in March 2015. The number of vehicles sold increased 8.2%. The increased sales were due to a wider variety of motor vehicle models available for sale and promotions during the period.

“Receipts from liquor sales strengthened 6.9% while sales revenue for food stores increased 5.6% year-over-year. The increased sales were attributed to Easter occurring in March this year. The sales volume of liquor stores increased 4.9%. Food store volume sales advanced 3.4% year-over-year.”

The full 2016 March Retail Sales Index is below [PDF here]:

#BermudaBusiness #RetailSalesIndex

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