Retail Sales Increase 1.8%, Vehicles 31.3%
Retail sales in May 2014 increased 1.8% or $1.5 million above the $85.9 million recorded in May 2013, and after adjusting for inflation, the volume of retail sales increased by 0.2%.
All retail sectors experienced increases with the exception of building material stores and service stations. Motor vehicle retailers registered the largest increase in sales of 31.3%, while building material stores recorded the strongest decline of 17.0%.
Residents returning to the island declared overseas purchases valued at $5.0 million during May 2014. This contributed to a combined local and overseas spending total of $92.4 million.
After adjusting for the annual retail sales rate of inflation, measured at 1.5% in May, the volume of retail sales increased by 0.2%. There were 26 shopping days during the month, the same as in May 2013.
The full May 2014 Retail Sales Index is below [PDF here]:
More positive signs.
Recession? What recession?
We love our cars though!
Hopefully when the unemployment problem is no more – spending and retail index could increase 5% more than this.
Motor Vehicles Sales simply means that the Bank is loaning money again.
If we can get back the 8000 people we lost we could really have it going on.– more people buying power means more Jobs.