Retail Sales Decline 1% In December 2012
Retail sales fell 1.0% — or by $1.1 million — during December 2012. Motor vehicle stores registered the largest gain at 37.9%, while retailers of building materials reported the largest sales decline of 33.5%.
The report attributed the reduction in building materials sales to “the near completion of major commercial construction projects such as the redevelopment of the King Edward Memorial Hospital, and a decrease in sales related to residential construction.”
Sales for apparel stores fell 7.5%, which the report attributed to “consumers focusing more on the December political election”, and the absence of in-store sales incentives when compared to December 2011.
Resident returning to the island declared overseas purchases valued at $7.4 million during December 2012, which was 21.3% — or $1.3 million — more than the $6.1 million declared in December 2011. Combined local and overseas spending totalled $111.9 million.
After adjusting for the annual retail sales rate of inflation, measured at 1.8% in December 2012, the volume of retail sales fell by 3.7%.
The full December 2012 Retail Sales Index is below [PDF here]:
Well done PLP.Thank the lord you are not the govt!
“Resident returning to the island declared overseas purchases valued at $7.4 million during December 2012, which was 21.3% — or $1.3 million — more than the $6.1 million declared in December 2011.”
Take notice of that retailers.