Consumer Spending Downturn: Sales Fall 5.5%
There was a general downturn in consumer spending for the retail industry during March 2011. All retail sectors experienced year-over year sales declines with the exception of service stations, which recorded a marginal gain.
Gross sales receipts for local retailers dipped 5.5% to an estimated $83.5 million, which is $4.8 million below the $88.3 million earned in sales receipts in March 2010.
Residents declared $4.3 million in overseas purchases, a decrease of 6.5% compared to the same month in 2010. Combined local and overseas spending totalled $87.8 million, 5.5% less than in 2010.
After adjusting for the annual retail sales rate of inflation, measured at 3.3% in March 2011, the volume of retail sales contracted by 8.6%.
The full 4-page report is below, click ‘Full Screen’ for greater clarity:
