November Retail Sales Drop 2.7%
Local retail sales decreased by 2.7% while overseas purchases declined 25% in November 2011, according to a report released by the Department of Statistics this morning.
During November 2011, consumers spent an estimated $81.5 million on goods and services in the retail sector, a decrease of $2.3 million less [-2.7%] than November 2010.
Sales of building materials increased 10%, and sales revenue for food stores and service stations were also up for the month. In contrast, motor vehicle dealers registered the largest decline in sales of 38.8%. The volume of cars sold in November fell 51.6%, while motorcycle sales declined by 7.7%.
Residents returning to the Island declared overseas purchases of goods of $5.9 million during November 2011, which was $2 million lower [-25.3%] than the $7.9 million declared in November 2010.
Combined local and overseas spending totalled $87.4 million. After adjusting for the annual retail sales rate of inflation, measured at 4.5% in November 2011, the volume of retail sales fell by 5.4%,
The 4-page report is below, click ‘Fullscreen’ for greater clarity:
Looks like that raising the Duty on imports backfired…..well played PLP, well Played…smh
Forget retail. I’m not going to invest any more of my money so long as PLP is in power. Many feel the same. The small construction co’s that build and renovate residential homes are winding down.
There is no evidence in these stats that supports the idea that an increase in import duty will assist Bermuda’s retail sector.
Nobody gets cars, food, or marine engines on Amazon.
Retail is down because there are less people living here now, and there is unemployment.
A tax increase will just depress spending even more.
no but that was the whole point in increasing the import tax. To encourage bermudians to “buy bermuda”
and yes you are right…”A tax increase will just depress spending even more” as shown in this article
Raise your hand if you knew that this would not help the retail sector.
It was a money grab by the government to pretend to help the retail sector.
My prediction of what will happen in the end. Simple the government will lose money because all the crap that people bought overseas will no longer be bought overseas or in Bermuda unless it is a basic necessity! Ding-dongs all of you.
Raises both hands!! And that’s taking into account the fact that a few retailers had Black Friday sales, which ‘should’ have spiked the numbers?
My two cents says:
You are absolutely right!!! Government will lose out on revenue BIG TIME if they go ahead with this crazy proposed increase in tax on the consumers, voters and residents of Bermuda.
A money grab by the PLP, pure & simple. They learn nothing from UBP mistakes.
The UBP raised boat duty to 50% one year. Result, people stopped importing boats. Duty raised from boat imports dropped big time. UBP, being fast learners, dropped the duty the next year to where it was before. Result, duty recivied from boat imports rose dramatically again.
There comes a point when taxpayers say “No, I’m not taking it anymore”.
The PLP is desperate for money & will do anything except cut costs/wages/perks to themselves.
Nothing will change in Bda Governance if they are getting support from thier voters ….get mad with them ..let them feel the fear that we the general public is feeling about OUR survival on this tiny spec in this vast ocean…
Stress and Fear of exstinction will cause havoc amongst the humblest of Men…Beware when the last straw breaks the camels back….
One thing to realise when looking at the numbers is that retailers had more price reductions than ever this past holiday season. Price drops were seen from 10%-50% across the board so most likely more goods and services were sold by retailers this November than the previous one, but the income to the stores was less. High turnover creates more opportunities for the retailer and more leverage to get better pricing from manufacturers so all in all it is good for the retailer.
Why dont the owners of the properties lower the rents to assist retailers? we are all Bermudians.. many of these buildings are already paid for.
Why cant ALL segments of society assist Bermudian retailers?
Business, take your kids out of private school, take less trips and downgrade your SUV so you can handle a reduction in profits by lowering your prices.
We all can do this if we sacriface
Claudio, how will that help, exaclty? The retailers having most trouble are car dealers. Would a rent reduction solve their problems? Would people start buying cars again? Would a rent reduction make us buy more boats, or, marine engines? Or more food?
Would ‘downgrading the SUV ‘ and ‘taking children out of private school’ help retailers?
No. None of it would make any difference to the retail sector (other than your idea about SUV’s, which might actally reduce demand for cars even further).
The problem is that there is less overall retail demand, because there are less people in Bermuda, now that a few thousand expat employees and their families have left, and there are now a few thousand unemployed Bermudians.
Yeah right Claudio. I’m really gonna sell my car, cancel my hard-earned vacation, and hand the money over to inefficient, surly and expensive Bermuda retailers. You have some crazy ideas.
I totally agree Claudio
Uninformed Protectionism never seems to benefit the People. It was a plp money-grab, no doubt.
Can’t downgrade from the CRV – nobody is buying stuff anymore – can’t sell it. There’s a BMW on emoo today for $7 grand. Things are that bad.
Also, you want someone who worked hard to pay off his building (instead of pissing his money away) to lower his rent as a favour? Ain’t gonna happen – the rent will be what the market will bear. It is his reward for being good and paying off his building instead of pissing his money away on CRVs and trips to Lanna.
Oh ya – that duty hike is working superbly. Time to own up – it;s just a cash grab for gov’t – never intended or truly predicted to help local retail. And now it’s to be extended.
Ms. Furbert – over to you.
Fat chance. Don’t you notice when an article concerns facts and statistics concerning PLP economic matters, the very active posters on issues such as race and politics never appear to defend the PLP? Heck, even the Premier and Minister of Finance has turned her back on anything that happened prior to November 2010.
LOWER. YOUR. PRICES.