Retail Sales Fall 4.5% In April 2012
Total retail sales in April 2012 fell 4.5%, according to statistics released this morning [June 21] by the Department of Statistics.
Consumers spent $82.3 million on retail goods representing a decrease of $3.9 million year-over year. All sectors experienced year-over-year declines with the exception of building material stores which reported a marginal gain.
Residents returning to the Island declared overseas purchases of goods valued at $6.0 million during April 2012. This was 1.6% lower than the $6.1 million declared in April 2011. Combined local and overseas spending totalled $88.3 million.
The full report is below [PDF here] click ‘Fullscreen’ for greater clarity:
How does anyone expect the retail sales to increase when there is a constant increase in the basics that are needed! Most people don’t have any money left after paying bills each month to buy food.
There are plenty who can easily cover rent, utilities and grocery bills but are not spending on anything apart from essentials. The Bermuda job market is suffering and after years of having no concerns regarding unemployement a lot of people have now realised it’s prudent to have a something tucked away for a rainy day.
Even those that CAN afford to shop here are choosing NOT to out of principle. Not everyone living on this rock has the power to vote in elections but they sure can vote with their wallets – - and many are doing just that!! Plus, a lot of the people who CAN shop have packed up and left for friendlier pastures…and taken their wallets with them. That’s how they vote with their feet!
Hey goose, I think you’re flying to high & need to come out of the clouds. Maybe where you are in the class system there are many who can afford non necessities after paying bills but the majority of Bermudians can’t because they don’t get paid enough for the price of living in Bermuda. Its way cheaper in all for a resident here to get a seat sale ticket to Jersey & shop the outlets & bulk stores there than lie on their declaration form then to pay highway robbery prices in the majority of stores here. Of course the key point is, “lie on their declaration form” but this is what happens when government feels the only way to get people to buy Bermuda is by burning them in duty fees. Not condoning this but stating it as a fact.
Bingo and with Belco going up this will be worse. First insurance goes up again now Belco. When basic needscosts are no longer following supply and demand its bad, real bad.
Well, duh… the population of Bermuda has shrunk by more than 6000 people! The shrinkage is permanent until …
Totally agree Chart.
I’m an expat that was at one point spending $2000.00 per month on non essentials:rental boats,theatre,meals out,steak from Myles,video rentals.(that does not include rent etc)
We’ve cut that off now as we know we coming to the end of our government mandated welcome.So for the next 8 months its save,save,save and take it all with us when the time comes to leave.
So its not just the expats who have left, impacting retail, but the two or three thousand that are here and no longer spending.
Exactly. I’m Bermudian but this government has made my family feel very unwelcome here so we’ll try to coax another year or two out of our 12 year old car, get a bit more use out of our existing appliances etc and bank the money to spend in whatever country we eventually settle in to call home.
I easily spend $1000 a month on non essential items and have tried to cut down lately. If most of the 6000-7000 ppl who have left the island/lost jobs spent between $1500 per month as well thats around $108,000,000 per year that is no longer being spent on the island. No wonder govt is trying to reem the remainder of us to claw back lost tax revenue.
Its like an unspoken boycott on the Premier’s duty tax hike, and it seems more successful than the biu’s on kfc…
Interesting, I do wonder about that effect also. I know I took note of retail firms that pushed for the duty changes and now avoid spending my money at their shops.
I haven’t ordered anything offline since then, and I don’t buy anything here because I honestly can’t wrap my head around some of the prices. I could be wrong but wouldn’t it have been a better idea to just reduce the duty rates for retail stores? But that doesn’t help the govt does it.
See what has happened! The government ups our duty for online shopping or going off island and sales still fall. Its not going to make an ounce of difference to the shops if we buy away or online…this proves it….so how about lowering the duty back to what it used to be, keep the $200 dollars duty free allowance and let the stores do what they do best -over price everything. Plus in this recession who can afford to shop online, off island or in our local shops….no one I know!
where have you been???? wake up…lol
I had to buy something online from Amazon about a month ago. A $35 item ended up costing me nearly $65 with shipping, duty etc. And no I couldn’t get it on island. I have cut my spending drastically and am banking everything I can because I believe we haven’t seen the worst yet.