Retail Sales Increase By In 4.3% In April 2015
[Updated] The total retail sales index was 4.3% higher than the level reached in April 2014, and after adjusting for the annual retail sales rate of inflation, measured at 0.3% in March, the volume of retail sales increased by 3.8%.
This is according to the latest retail sales index report released which said, “Motor vehicle stores recorded the largest growth in sales, increasing 51.5%. In contrast, retail sales of apparel stores registered the largest decrease of 7.1%.
“Returning residents declared overseas purchases valued at $5.0 million, 2.0% more than the level recorded in April 2014. This contributed to a combined local and overseas spending of $94.1 million.”
Update 7.59pm: Acting Minister of Finance Michael Fahy said, “As far as broad economic indicators go, the retail sales report is one of the most timely, providing data that is relatively current.
“The RSI numbers just released are encouraging as they represent the eighth consecutive month that the value of retail sales has increased. This is further evidence that we are turning the corner as it relates to the Bermuda economy. ”
The full 2015 April Retail Sales Index is below [PDF here]:
So, if it were not for motor vehicles, where would the index be? I do wonder if the sales of motor vehicles are more to do with people downsizing? Sorry to be negative but if you read this carefully there are quite a few negatives in the report. I don’t, personally, think we are near the end of the recession.
Some People may be downsizing on the flip side you have new families(i.e newly married couples, families expanding) which are upsizing or buying vehicles to fit the whole family
Economies often splutter back to life and increased spending evenly across all sectors is not ever going to happen in the real world. The important point is that we have had increased spending in Bermuda for the past 8 months, which is a very consistent trend and hasn’t happened for more than 7-8 years. That is a big indicator that things are improving, at least. No it’s not all perfect but it is positive as opposed to negative.
The economy improving in the retail sector ONLY due to the still arriving AC personnel and families.
They have to eat too. Hence, the improvement.
After the event – then what ?
This is great news for those spending again. However I will continue to save save save:)