July 2011: Retail Sales Fall, Cars Drop 41%
Retail sales in July 2011 declined by 5.0% below the $94.6 million recorded in July 2011. Consumer demand weakened in four of the seven retail sectors, with motor vehicles sales experienced the largest decline registering a 44.7% drop in sales receipts. The number of cars sold fell by 41.1% while motorcycle sales declined by 17.6%.
In contrast, retailers of service stations, apparel stores, and building material stores recorded increases of 8.8%, 5.8% and 0.4% respectively
Residents returning to the Island declared overseas purchases of goods valued at $5.3 million during July 2011, 1.9% lower than the $5.4 million declared in July 2010.
The 4-page report is below, click ‘Fullscreen’ for greater clarity:
Raise your hand if this info surprises you….. didn’t think so. Less people living here = less people buying cars, bikes… less people living here = less overseas purchases declared at customs. Thank goodness we are getting rid of all of those pesky money-spending, economy-boosting expats! (yes, that’s sarcasm)
The writing is on the wall folks! For those of you who fail to see it or fail to acknowledge the damage we are doing by pushing IB away, keep your heads in the sand!
Car sales should be up considering the number flipped each day!
The whole world is contracting, why would one think Bermuda is difference……with or without IB..hey I have a solution import the economic experts from the US or the UK opps…they are in trouble themselves oh well..maybe we can bring in all the rich folks wanting to deprive their own country of taxes, and give them Bermuda in return we can send the poor unfortunate people of Bermuda to the slumps of the UK…and then we’ll all live happily ever after.
Wow, another decline. When did this