Retail Sales Drop 2.3%, Car Sales 29%
In January 2012 local retail sales fell by 2.3% to $73.0 million, according to statistics released by the Department of Statistics this morning [Mar.21.].
Retailers of building materials registered the largest gain in sales of 10.7%, and on the opposing end motor vehicle sales had the strongest dip in sales of 29.3%.
There were 38 fewer cars sold in January 2012 compared to the same month in 2011, however there were 24 more
motorcycles sold which helped offset the dip in sales for the sector.
Residents returning to the island declared overseas purchases of $4.5 million during January 2012, which was 11.8% lower than the $5.1 million declared in January 2011. Combined local and overseas spending totalled $77.5 million.
After adjusting for the annual retail sales rate of inflation, measured at 2.8% in January 2012, the volume of retail sales fell by 4.9%.
The full report is below, click ‘Fullscreen’ for greater clarity:
http://www.bloomberg.com/news/2012-03-13/retail-sales-in-u-s-climb-the-most-in-five-months-as-recovery-takes-hold.html
Meanwhile the US economy continues to recover.
This can’t be true. Paula was going to fix retail by whacking that great big tax increase at the airport. You know, the 35% one-duty-free-allowance-per-year one before the flip flop to 25% and an increase in duty free allowances.
This wall done to “support retail”.
How’d that work out? Overseas purchases down by 11.8% before inflation. Hardly surprising when you increase taxes 40%. Local retail sales down 2.3% before inflation. And if we weren’t bringing in all that material for the new hospital we would be seriously f@#ked.
Another Pee el Pee idea that was a dismal flop. I can’t wait to see the April and May retail sales numbers.
Like I said this would contract our economy more .. so said so done……
LOL PLP the people are not dumb listen once in awhile….
Bingo, only an idiot couldn’t see this as the outcome. We all warned them but they did not listen.
PLP. Solid as a rock. But dumber.
Whilst I agree with all your comments we have been 2years behind the US with this recession and will be with the recovery. Bermudians must also take some responsibility for their struggle. how many Business owners put cash aside for a “rainy day?” Not many they where to busy living a lavish life with all the perks and taking dividends from the till as they saw fit. EVERYBODY has to look at themselves. Whilst the Government can make some changes so can the consumer, business owners and Government.