Retail Sales Decrease 2.3% In November 2018

March 7, 2019 | 26 Comments

After adjusting for the retail sales rate of inflation – measured at 1.3% in November – the overall volume of retail sales declined 2.3%, according to the recently released Retail Sales Index.

“Six of the seven retail sectors recorded declines in sales volume with motor vehicle retailers recording the largest volume decrease of 22.8%. In contrast, retailers of building material stores recorded a rise in sales volume of 0.9%,” the report said.

Chart extracted from the report:

11-November 2018 Retail Sales publication

“In value terms, retail sales decreased 1.1% to an estimated $94.7 million. Returning residents declared overseas purchases valued at $6.0 million, which was 6.3% lower than November 2017. This contributed to a combined local and overseas spending of $100.7 million.”

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

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Comments (26)

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  1. jerry says:

    wow this government is driving us into yet another recession wow we need a change

  2. 25-11 says:

    Shut ya noise Jerry! Everything is cool once de take overs are completed there will be a chicken in every pot.

  3. Naturally says:

    Lower revenues. Higher costs. Continually. Few will be able to remain in business.

  4. Joe Bloggs says:

    “Six of the seven retail sectors recorded declines in sales volume with motor vehicle retailers recording the largest volume decrease of 22.8%”

    All of which means that tax revenue will also be down. I hope the PLP Government accounted for that fall in revenue in its budget projections.

  5. Ringmaster says:

    Nine months in a row sales are down? This can’t be true as the Government tells us the economy is doing well, GDP is up and so will support all the increases in tax. Let’s see if in 12 months time this year’s budget really will have a surplus and debt is down. I doubt it will happen and will be seen not to be within 6 months.

    • Joe Bloggs says:

      What the evidence indicates is that Bermuda is in a recession. The evidence, as opposed to the rhetoric, in the body of the article tells us that — in economic terms at least — Bermuda is once again in a recession. How deeply the recession bites and how long it lasts we will have to wait to see.

    • topranking says:

      This is the second “platinum period” haven’t you heard?

  6. trump supporter says:

    People need to vote with there brains instead of there heart.
    But we are doomed,
    #BITCOINBAILOUTLOL

    • Toodle-oo says:

      And they’re not even voting with their hearts ,they’re voting with their hate. Confidence in Bermuda continues to plummet since the last election.I wonder why ? Go 25-11 ! !

  7. question says:

    But I thought the government said the economy is growing and things are great?

    • sandgrownan says:

      Lying liars will lie.

    • Pissant says:

      they did they just lie with a strait face yet increase taxes over all sectors thinking we will sit and take it. NO MORE. Bermuda we/you/us are inches away from being a third world country with this lot in power. All you lemmings that think they are there all they will be the END ALL

  8. truthertz says:

    Wait till all the new tax hikes kick in…

  9. trump supporter says:

    Im sure a press conference or somethings coming soon to defer the blame.

  10. DeOnion says:

    And with more taxes on the way, there will be even less money spent in retail and with no economic plan other than fintech (which can create and destroy jobs) there really is no relief in sight.

  11. red rose says:

    How long can retail sustain this without shops being forced to close or businesses left with no choice but to lay off staff?
    The PLP has given large businesses payroll tax relief – and only if they sell specific products which, surprise, surprise does not include cars – but what about the small guy?

    • Joe Bloggs says:

      With the increase in taxes and the increase in pay for a “living wage” those local businesses that are struggling now won’t have to worry by the end of this year. Those local businesses will be in the hands of liquidators.

  12. road rash says:

    This Government really is letting the people down – no economic plans, no reduction in health costs and increased taxes.
    It is squeezing businesses to death while rewarding some lucky people with Government subsidized mortgages/pay rises, $150K meaningless Ministerial jobs and $1.2m pay-offs.
    It does not share the pain (no reduction in government spending), it increases its travel budget, it does not even, as the Doc did with his numerous SDOs, try to make it look as if something is happening.

    • Hot nutz says:

      Makes it seem like the doc might still be around..

    • Underground says:

      “Some lucky people”. ie civil servants, the life blood of the PLP voter base. That’s why the civil service is so big. “We’ll give you a job, mortgage relief, unlimited sick leave etc etc, just vote for us”. Bingo!

      Don’t get me wrong, there are some good, very good, civil servants. But there are also a whole load of wasters who have no clue what a full day’s work looks like.

      Maybe one day I’ll write that book.

  13. Rocky5 says:

    I’m just getting so tired of ALL this PLP winning…………….25 -11 the gift that just keeps kicking you in the nuts……..

    • Joe Bloggs says:

      The problem is that, as the 25-11 representation shows, the majority of us voted for this PLP Government.

  14. sandgrownan says:

    I wonder how you might increase the flow of cash in the local economy? hmmm…

  15. Realist says:

    Government says we need this.We need that who pays? The people. What does government give the people? Nothing . Insurance goes up
    Food goes up
    Land tax goes up
    Lights goes up
    Fuel goes up and it’s 30dollars a barrel
    Down from 90 a barrel.
    Interest on loans goes up. Now what’s for the people ?

    Wage stays the same or may take deduction
    Pension for senior citizens gets less
    If your gone 65 make u retired with out any benefits “or look for reason not to pay you or say unfit for work “BYE” after yah put in 30 years service.
    Train a different nationality to take your job so they can pay him 7 50 a hour so the company can make more dollars.
    Pay dues to Union get no representation.
    Poke with girls get 10 to 14 years
    Poke with boys get 4 be out in 2 1/2 yrs
    Got caught importation 1kilo got 18 yrs
    Daughter gets poke with man gets off.
    I can go on and on and on and on
    Bermuda is another world .
    IT DEPENDS ON WHO YOU KNOW
    EXTORTION PRIVATE PENSION
    DEVILS WORLD

  16. Realist says:

    Company hires 72yr old gets rid of 65 yr olds

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