Retail Sales Decrease 4.9% In July 2018

October 17, 2018 | 26 Comments

After adjusting for the retail sales rate of inflation, measured at 3.3% in July – the overall volume of retail sales fell 4.9%, according to the recently released Retail Sales Index.

“Six of the seven retail sectors recorded declines in sales volume with motor vehicle stores recording the largest sales volume decrease of 20.8%. In contrast, building material stores increased 11.7%,” the report said.

Chart extracted from the report:

7-July 2018 Retail Sales publication

“In value terms, retail sales declined 1.7% to an estimated $104.7 million. Returning residents declared overseas purchases valued at $4.6 million, which was 35.3% higher than July 2017. This contributed to a combined local and overseas spending of $109.3 million.”

The full 2018 July Retail Sales Index is below [PDF here]:

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Comments (26)

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  1. Double S says:

    Let me guess PLP this is also due to the 2008 crisis right?

    • 2 Bermudas says:

      No, Rhonda will say this is because we are paying back the money we spent on the Americas Cup! De titty milk is real!! Ha ha ha!!

      • vote no more says:

        No its the investments in the bit coins.

        • 2 Bermudas says:

          Yes, the Redemption Farm can’t come fast enough by the looks of it!! People are going to need those cheap eggs and Bermuda onions sooner than we think!!

  2. question says:

    The PLP recession.

  3. red rose says:

    The most significant part of this is, looking at the graph, that the volume of retail sales is the lowest since 2013. You would expect a fall post the AC but to go to levels well before then?
    But what do you expect? New taxes only serve to stop people spending; we’ve still don’t have immigration reform necessary to bring people to the Island and health care costs are up (again making people nervous about spending in the shops).
    Thanks Mr Burt.

  4. WSP says:

    lets hear Crystal Cesear say “been busy”.

  5. sandgrownan says:

    Simple to understand really. Not enough people.

    • Jus' Askin' says:

      if only it was that ‘Simple’ ;-) ;-)

      • Yes says:

        It is that simple. Think about it. More people consume more services and raw materials. Look at the Bahamas residency model! They are making money offering residency (no work or vote but allow investment) and we are here looking like a bunch of morons because we can’t differentiate residency (consumption) and citizenship (votes)!

  6. Jus' Askin' says:

    …the sky is falling… ;-) ;-)

    • Jt says:

      Let’s hope not. But generally the numbers paint an accurate trend. Ignoring them is a mistake. Just like it was in 2008 and Richard’s warned the ppl back then.

  7. Stand For Truth says:

    sandgrownan simple to understand that the cost of living is too high and people can not spend money if they do not have money. Too many individuals whose ancestors built this country with their blood. sweat and tears are being displaced in their own country.

    Even when they have the qualifications hence they leave the Island. The census report has already confirmed this.

    When it comes to the treatment of those whose ancestors built this country and where here long before Bermudez (like the lie regarding Christopher Columbus discovering America)those who have the same mindset as the colonizer know no bounds when it comes being inhumane.

    • Double S says:

      Are you saying that there were people already living in Bermuda prior to its discovery in the 1500s by Bermudez?

      • Stand For Truth says:

        Double S and sandgrownan : History is a set of lies of lies agreed upon especially the lying and deceptive version of (his)tory.

        • Double S says:

          So are you saying that Bermuda was already inhabited before Bermudez crashed on our shores?

          What proof do you have? Sounds like you’re the one with an ‘alternative fact’ problem.

    • sandgrownan says:

      Apart from the factual inaccuracies in your statement, it’s irrelevant (Shelve the disingenuous bu****t about ancestors pre-dating Bermudez).

  8. Politricks says:

    Just wait till the tax reforms come along with the institution of a living wage.

    Everyone will have less disposable income and thus this negative trend will continue going forward.

  9. Yes says:

    Why not allow people to retire here but not work or vote. In other words they will consume resources and help increase sales without hearing about the “they are taking our jobs” argument!

    Also allow them to invest in companies with Bermudian majority ownership if they want to make money on investments

    Wake up Bermuda! They are offering this as a residency option in the Bahamas and it is going very well!

  10. Pick one says:

    Im confused but not surprised by the comments. How is it that the OBA chairperson can claim that policies don’t see results until years later, yet the anti PLP crowd this is the PLP’s fault? You cant have it both ways.

    • Double S says:

      Is anything ever the PLP’s fault?

    • 2 Bermudas says:

      Ok, so where are de crypto and blockchain jobs?! Keep drinking de titty milk!! Ha ha ha!!

    • sandgrownan says:

      These figures are from July, and are a reasonably quick indicator of consumer confidence. The trend is what is really important. I’d really like to see month on month for a fuller view but can’t be arsed looking it up. Retail sales are decent indicator because they will show anomalies in the trend that can be explained – increased spending during the AC for example and are quick indicators.

      The question to ask, is why is the trend downwards. What’s the driver for that? Because Bermuda produces nothing other than an over inflated view of it’s own self worth, we’re entirely reliant on our own ability to circulate cash. So, if the trend is down over the last 14 months of PLP reign, what does that mean? (there will be spikes at Christmas for example). Why are people spending less, or why are less people spending.

  11. Dready says:

    PLP in power. Expect more decline in retail. Their policies are chasing those with the means to leave. They will blame the wicked UBP, and the sheeple will lap it up. The govt politicians will cruise around in GP cars and not even pay for gas. Healthcare costs will climb and sodas will cost more. Ewart will laugh all the way to the bank, literally. In a few short years our infrastructure will collapse caused by our massive debt service obligations. People will revolt against the govt but it will be too late. Then hen that laid the golden eggs had left to go to more friendlier climes!

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