Retail Sales Fall 3% In October
Consumers spent an estimated $81.7 million on retail goods during October 2011, a decrease of $2.5 million [3%] compared to last year.
Retailers of building materials, apparel stores and service stations recorded growth, while the motor vehicle sector registered the largest decline in sales of 40.6%.
Residents returning to the Island declared overseas purchases of goods valued at $5.7 million during October 2011, 1.8% higher than the $5.6 million declared in October 2010.
Combined local and overseas spending totalled $87.4 million. After adjusting for the annual retail sales rate of inflation, measured at 4.2% in October 2011, the volume of retail sales fell by 6.5%.
Last month Premier Paula Cox formally introduced measures in Parliament increasing the rate of duty payable on accompanied goods imported for personal use from 25% to 35%, and restricting the $100 duty free allowance.
“These measures are intended to discourage personal spending abroad, and to help steer expenditure into the local retail sector, thereby boosting sales and keeping approximately 4,000 Bermudians employed in local stores,” she said.
The 4-page report is below, click ‘Fullscreen’ for greater clarity:
Proof yet again of the negative impact that the Government’s protectionist policies against work permit holders continues to have. Also proof that the increase in tax on goods brought back was a tax grab, and not to aid local sales.
These figures are now reflecting what will level off to be the new norm for Bermuda, so Government and retailers will need to adjust their revenue and sales elxpectations accordingly. This will impact employment generally, especially in Government.
Oh yes of course. Continue letting foreigners in and let Bermudians be unemployed. Thats great!
you can’t be serious you can’t be serious…more foreigners in the more Bermudians employed……Attitudes like yours and the most recent previous Premier drove them out and look where we are now…….even KFC is feeling the pinch….ignorance must be blissful for you…..
“These measures are intended to discourage personal spending abroad, and to help steer expenditure into the local retail sector, thereby boosting sales and keeping approximately 4,000 Bermudians employed in local stores,” she said.
This hasn’t worked out quite as planned, has it? To the surprise of no-one….be interesting to see what November and December’s sales look like.
Um.. seeing that the duty hike didn’t come into effect until NOVEMBER, i doubt there would be and effect on October’s figures.
Um…which is why I said BE INTERESTING TO SEE WHAT NOVEMBER AND DECEMBER SALES LOOK LIKE? Bolded in case you missed it the first time.
Apparel sales were UP, tourist-related shops were UP.
The areas down were cars, boats, food. Because there are less people living and moving here. Nobody brings cars boats and food here through the airport or on the internet.
The taxes will do NOTHING to save a single retail job. Car and boat dealers are going to have to downsize.
It’s all a result of the Government forcing IB out. You can thank the LPL – Burch, Cox, Brown, etc etc.
Taxes will go up and up, and they have no idea how to repair the economy.
Another month that proves retail doesn’t need protecting. Cox’s 35% and plans to ‘harmonize’ taxes are a money-grab. Nothing to do with protecting retail at all.
while US retail sales continue to rise
If the Bermuda government could print money, I’m sure you’d see the same here aswell.
they can but it wont be worth anything
http://www.ecayonline.com/cayman-islands-living-costs.html
This is why I wont shop BDA
1 cayman dollar = $1.25 U.S. or BDA dollars.
1 dozen eggs = $1.25 Cayman or ~ $1.56 BDA. Eggs are as much as $4.49 in BDA.
1 gallon of milk = $5.29 Cayman or ~ $6.61 BDA. Milk is $4.73 for a HALF gallon or $9.46 for a gallon in BDA
1 gallon of gas in Cayman $3.29 or ~ $4.11 BDA. Gas in BDA per gallon is about $7.70.
Not sure how this work with regular retail items but my guess it is similar to these costs.
Moral of the story: Caymans prices are marginally more expensive than the U.S. or U.K. which is totally understand but the markups are with an reasonable range.
Second moral of the story: Bermuda is a rip off.
CAN YOU PLEASE STOP USING SCRIBD TO UPLOAD PDF’s?