Retail Sales Rise 0.5% In June 2012
According to the latest Retail Sales Index released by the Department of Statistics this morning [Aug 20], total retail sales in June 2012 rose 0.5%.
Liquor stores showed an increase of 9.5%, food stores increased 8.7%; retailers of furniture, appliances & electronics reported an increase of 4.9%.During the same period, sales for tourist-related stores and pharmaceutical products declined by 9.9% and 2.8% respectively.
Total retail sales in June 2012 rose 0.5%, with consumers spending $91.1 million on retail goods representing an increase of $0.4 million year over-year. All retail sectors reported declines in sales activity with the exception of food stores, liquor stores and all other store types.
Residents returning to the Island declared overseas purchases of goods valued at $5.0 million during June 2012, a 2% increase or $100,000 more than the $4.9 million declared in June 2011.
Combined local and overseas spending totalled $96.1 million. After adjusting for the annual retail sales rate of inflation, measured at 2.9% in June 2012, the volume of retail sales decreased by 1.1%.. The full report is here [PDF].
If inflation is anything greater than 0.5% then surely retail sales have technically gone down?
That’s what’s said – by 1.1%!!!???
The title of the published report can be misleading for sure.
From the release:
“After adjusting for the annual retail sales rate of inflation, measured at 2.9 per cent in June 2012, the volume of retail sales decreased by 1.1 per cent.”
So yes, dollars xchanging hands is up 0.5% but account for inflation it is actually down 1.1%.
And July and August have been very sloooooow. Retailer
Newport was in island in June and they sure did buy a lot of booze and groceries to take back on their boats. Good for them!
Reading “between the lines” is a MUST for those that clearly don’t understand statistics. Retailers are NOT doing well AT ALL. People spend when Bermuda’s about to experience the biggest party of all…Cup Match. Notice the report says liquor and food stores saw an increase. Go figure! The same thing will happen before Christmas but then come January-March…DEAD! WAKE UP PEOPLE!!! It continues to amaze me how people all of a sudden, have money to spend on crap but when it comes to necessities for their families, they’re broke, and want their GOVERNMENT to bail them out. Government needs to take a real good look at those on Financial Assistance and watch what they do with the money they receive. Asking Government to pay your rent, and then you go out and buy unnecessary items (new hairdos, mani’s-pedi’s, cell phones, overseas trips, etc.) is pathetic!!!!!!!! People getting money from their pension funds to PARTY is pathetic! Wow…life in Bermuda seems to be getting more ridiculous by the minute!!!!!!!!!
@Awake
You are correct about retailers not doing well. However, the reason for the increase is not because it is approaching Cup Match, because these are year-over-year statistics, so June 2012 was compared to sales in June 2011. The increase of 0.5% was marginal but after accounting for inflation the volume was still lower. June, July and December generally do have the highest indices each year but the the change is still measured as year-over-year.
But to support your claim of “retailers are not doing well at all” I have added the following information using data from page 3 of the press release:
June 2012 sales index(value)of 101.8 rose 0.5% over the 101.4 of June 2011 (which fell 2.6% below the June 2010 level of 104.0 – which was 2.4% lower than June 2009.