Retail Sales Decline 2.2% In December 2013
Total retail sales in December fell 2.2% with consumers spending an estimated $101.5 million on retail goods during the month. Motor vehicle retailers registered the largest decrease in sales of 10.8%. In contrast, retailers of building materials reported the largest increase in sales of 2.4%.
Residents returning to the Island declared overseas purchases valued at $7.5 million during December 2013. This contributed to a combined local and overseas spending total of $109 million. After adjusting for the annual retail sales rate of inflation, measured at 1.2% in December, the volume of retail sales decreased by 3.4%.
There were 24 shopping days during the month, one more than in December 2012.
Sales of motor vehicles contracted 10.8% in December 2013. Lower consumer demand during the month led to a year-over-year decline in the number of cars and motorcycles sold.
Receipts from food sales slipped 0.9% compared to December 2012. In addition, liquor stores reported a 5.7% drop in gross receipts during the same period. The decline in food and liquor sales reflect a decrease in volume, as the price of food and liquor increased 2.8% and 4.3%, respectively.
Aggregate sales for apparel stores dropped 7.5% compared to last year. Retailers attribute this decline to less consumer demand year-over-year. This is a result of a shift in the timing of sales events which occurred a month earlier in 2013 [November] compared to 2012 [December].
Sales receipts for service stations fell 4.8% during December 2013. This decline was partly attributed to the 3.6% drop in fuel prices year-over-year.
Sales of building materials increased for the second consecutive month. Gross sales revenue rose 2.4% during December 2013. The increase in sales was due to an increased demand for commercial and residential products.
Residents declared $7.5 million or 1.4% more in overseas purchases when compared to the same month of the previous year. Higher outlays on clothing & footwear, was the main contributor to the overall increase.
The full December 2013 Retail Sales Index is below [PDF here].
i wonder why? most people can’t afford to shop for extras. and those who can afford, primarily shop online. leaving only convenience and necessity shoppers.
this may not apply to all. price too high, money nuh nuff.(not enough)
and apparently no one cares
Nope, wasn’t due to the fact that there were less people and many less expats in Bermuda. Nope, those greedy expats send all their money home, don’t spend it here or even claim it coming back. It clearly was just Bermudians spending less. That is it, nothing more!