Retail Sales Volume Decreased 7.6% In August

December 5, 2019 | 34 Comments

Today [Dec 5] the Minister for the Cabinet Office Wayne Furbert released the August 2019 Retail Sales Index publication from the Department of Statistics.

The Minister explained, “After adjusting for the retail sales rate of inflation, measured at 0.7 per cent in August, the overall volume of local retail sales decreased 7.6 per cent.

“Meanwhile, total selected overseas declarations decreased 0.5 per cent in August 2019 compared to August 2018. Overseas declarations includes imports received via courier, residents through the airport, households by sea and the post office.”

Chart extracted from the report:

August Retail Sales Index Publicatio

Highlighted below are the August 2019 year-over-year changes for each of the seven local retail sectors:

  • Motor Vehicle Stores’ sales volume decreased 20.5 per cent.
  • Building Material Stores’ sales volume declined 15.0 per cent.
  • Liquor Stores’ sales volume decreased 11.7 per cent.
  • Apparel Stores’ sales volume declined 11.4 per cent.
  • Food Stores’ sales volume decreased 7.8 per cent.
  • All Other Store Types’ sales volume decreased 3.9 per cent.
  • Service Stations’ sales volume decreased 1.5 per cent.

Minister Furbert added, “It should be noted that the large decrease in liquor and food sales reported in August 2019 when compared with August 2018 can be partly attributed to the timing of pre-Cup Match sales which took place in July this year and August last year. This means we are not strictly comparing ‘like’ for ‘like’ for this particular retail sector.”

The full August 2019 Retail Sales Index publication follows below [PDF here]:

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Comments (34)

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  1. Onion says:

    25-11

    • Jus' Askin' says:

      29-7 next election :-D

      • Double S says:

        Hope so. That way the continued downturn will be laid solely at the feet of the PLP and supporters such as yourself.

        You own all of it.

      • Entre Manure says:

        While you are focused on winning election seats most of us are concerned about jobs, health, security and making a living.

        You cant blame anyone else for the PLPs failings. They have complete control over the government. So while you gloat about what you won, I suggest you remember the rest of your neighbors who continue to lose so much.

      • Onion says:

        Probably. But a hollow victory as the PLP continue to hurt Bermuda and fail its people.

      • aceboy says:

        Hilarious. What will the declines be then?

  2. Dunn Juice says:

    things are looking up. similar to the bus schedule!
    And the ministers air miles.

  3. Joe Bloggs says:

    “The Minister explained, “After adjusting for the retail sales rate of inflation, measured at 0.7 per cent in August, the overall volume of local retail sales decreased 7.6 per cent.”

    No fluctuation in food and liquor sales due to Cup Match will depress spending overall by 7.6%. Even direct consumer imports are down (total selected overseas declarations decreased 0.5 per cent in August 2019). People are spending less money this year when compared to last year. The reason for that must be ascertained and explained. Is because there are fewer people living in Bermuda now? Is it because the people that remain have less disposable income this year when compared to last year? Is it a combination of the two coupled with other factors?

    Come on Minister. Explain to us why the economic indicators consistently tell us we are heading down hill!

    • Toodle-oo says:

      *Come on Minister. Explain to us why the economic indicators consistently tell us we are heading down hill!*

      None of them will tell you but I will.
      The day after the last election the confidence in Bda that was slowly going back up flew out the window.
      This is a PLP induced recession , no matter what anyone wants to believe.

  4. Carbon says:

    If that is not a recession, I do not know what is.

    In the meantime, Minister Zane DeSilva was absolutely right reading the riot act to the cruise lines over their “hanky panky” practices to dissuade onshore spending – except to the one outfit which is not even Bermudian and whose revenue goes straight back to NY with no circulation whatsoever in the local economy. What on earth were Wedco thinking when they allowed that! They have cost the local economy tens of millions of dollars in lost revenue this past summer alone because of their role in all this – an absolute disgrace and surely not what the QUANGO’s purpose is about. Perhaps Mr. Andrew Dias would care to explain?

    • red rose says:

      I believe a local company has bought the franchise, so some money will leave overseas but most stays here.

  5. hanky panky says:

    Is this all you grasp at!!!
    Minister Furbert added, “It should be noted that the large decrease in liquor and food sales reported in August 2019 when compared with August 2018 can be partly attributed to the timing of pre-Cup Match sales which took place in July this year and August last year. This means we are not strictly comparing ‘like’ for ‘like’ for this particular retail sector.”

    • scooby says:

      Funny, there was no mention of this last month, when the small increase was described as “encouraging signs”

      • Goose says:

        Liquor sales remained unchanged from July 2018 to July 2019, so the Cup Match windfall in July only managed to reach ‘business as usual’ levels followed by an 11.7% decrease in sales the next month.

        The July report is linked under the article.

      • Ringmaster says:

        Schhhh, you’re not supposed to spot that. Just accept what the great Waldo says and believe it.
        No mention either that the sales are below those in 2014 which then increased until 2017, when there was a change of Government and it’s been decreases ever since.

    • Carbon says:

      Actually it’s a much bigger grasp than most of the public probably realises – the 40 to 50 million dollar seasonal retail cruise ship passenger spend that for decades was a critical part of many shops trade was essentially wiped out by what the cruise lines did. Zane Desilva estimated 200 Bermudian jobs were lost as a result, I suspect more. That’s at least 200 people not spending, in this case a downward spiral multiplier effect. In no small part because of a dozen foreigners with no business being here in the first place having bought preferential treatment. It is a very big deal. It is scandalous.

      • saud says:

        ” It is a very big deal. It is scandalous.”

        LOL, you’re just angry that they’re getting your cut. LOL

  6. Seascape says:

    Not surprised. Bermuda is way too expensive. People are buying overseas to save money. The cost of living in Bermuda is not sustainable.

    • Joe Bloggs says:

      People are NOT buying overseas to save money.

      The Minister said “Meanwhile, total selected overseas declarations decreased 0.5 per cent in August 2019 compared to August 2018. Overseas declarations includes imports received via courier, residents through the airport, households by sea and the post office.”

      That means that the population of Bermuda as a whole is simply spending less money on products that find their way into Bermuda. It has nothing to do with Bermuda’s retail shops.

  7. red rose says:

    wow, even overseas volume was down …..

  8. Running out of Juice says:

    Tick tock..round the drain we circle…meanwhile Burt, Dickinson and Caines have no idea what to do….18 years of failure and incompetence. This is the PLP status quo….

    • mixitup says:

      ‘Tick tock..round the drain we circle’…

      Right down the drain behind that ‘measly’ 200 million$$ toilet we purchased up at Morgan’s Point…. Your OBA Status quo.

      • Double S says:

        Haha. Says a supporter of a party who racked up $400mn in ANNUAL deficits and a Party who committed to cleaning ho the site but failed to.live up there contractual duties.

        Self awareness is seriously lacking in this island.

      • Toodle-oo says:

        At least that $200 mil ($165 mil)can be accounted for .

      • Running out of Juice says:

        18 years of fiscal incompetence, and failure. 18 years of PLP induced recession. It’s all on the PLP.

        You don’t even understand what happened at Morgan’s Point – you have no idea. Perhaps, if we want to go down that road we should discuss the Berkeley debacle, the Port Royal Scandal, the cruise ship dock rip off, the emissions testing facility failure, the BHC mess, need I go on?

        And shall we mention the original JetGate? The Playboy mansion embarrassment.

        If you live in a glass house, don’t throw stones.

        This is all on the PLP. No one else, their mess. At least have the balls to admit it. There’s no one else to blame.

      • Dunn juice says:

        Berkeley, dock yard, court house, port royal. 1.2m.

      • Joe Bloggs says:

        What about the missing $800million?

  9. Triangle Drifter says:

    A blind man could feel those charts & tell what is going on. What will it take for the voters to wake up & see what they have done?

  10. DF says:

    16 declines in the last 18 months and one of the rises was negligible. But how can that be surprising? We are loaded with new and increased taxes, for many their private health care costs have increased due to Govt legislation and people are leaving the island and/or losing their jobs.

    Surely, it must be strikingly obvious to the most die-hard PLP supporter that this Govt is pretty clueless. Good opposition, yes, hopeless Government.
    Where is the plan to get us out of this?

  11. Smile says:

    You can’t blame the Government for driving us into recession.
    We all know that if the USA sneezes Bermuda will catch a cold too.

    meanwhile…. US Economy is booming and stock markets hitting all time highs. It is quite interesting how quickly consumer and business confidence fell after the last election – seems to be accelerating in the wrong direction.

  12. Gustav says:

    no surprise.
    we see a constandly declining Population in Bermuda
    no wonder that the Sales volume is going down , the remaining People have to buy much much more in order to balance that out.
    but from what ?
    the increasing CS Needs more taxes and fees in order to get financed.
    this Money is missing in the Population pocket.
    as Long as Bermuda is NOT increasing their Population , it will get even worst.
    but the racial part of citizens is hindering any Pop. increase , they are busy to kick the Evil foreigners out.
    result:
    “tomoorow” all Costs have to be taken by the real bermudians – good luck !

  13. Pangaea says:

    Prices go up sales go down !

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