January 2016: Retail Sales Increase By 4.4%
Retail sales in January 2016 increased 4.4% above the $81.4 million recorded in January 2015, according to the recently released Retail Sales Index.
“Four out of the seven sectors experienced increases in sales revenue. Motor vehicle retailers registered the largest increase in sales of 26.2%. In contrast, building material stores recorded the largest decrease in sales of 10.9%” the report said.
“Returning residents declared overseas purchases valued at $4.4 million, the same as in January 2015. This contributed to a combined local and overseas spending of $89.4 million.
“After adjusting for the annual retail sales rate of inflation, measured at 2.0% in January, the volume of retail sales increased 2.3%. Excluding Sundays, there were 25 shopping days during the month, one less than January 2015.
“Retail sales of motor vehicles were 26.2% higher than the level reached during January 2015. The number of vehicles sold increased 29.0%.
“During January 2016, sales receipts for service stations rose 6.2%. The rise in sales was due to a 11.2% increase in the price of fuel. In contrast, the volume of fuel sold fell 4.5%
“Receipts from food sales strengthened 3.4% while sales revenue for liquor stores decreased 1.3% year-over-year. The sales volume of food stores increased 0.6%. In contrast, liquor store volume sales slipped 2.9%.
“Receipts from the sale of building materials decreased 10.9% year-over-year. The decline in sales was linked to fewer purchases related to residential-construction projects. When adjusted for inflation, the sales volume fell 13.0%”
The full 2016 January Retail Sales Index is below [PDF here]:
I am employed in one of the above mentioned industries. Without question our sales over the last year have up-ticked dramatically driven wholly by “guest workers” or America’s cup participants.
You will continue to see these retail increases over the coming quarters given our numbers…
Thats good but when was the last time workers got a raise?
So building is decreasing which means construction is slow, people STILL losing jobs but some people are eating very well (motor vehicle sales up).
Must be de trickle down people.
This is why we need to increase our resident population.
O.J….have you given raises to the people your business employs?
Forever a pessimist eh OJ?
Many in the private sector have gone years without a raise.
Of course, we know civil servants have ways around their so-called ‘freeze’. Larry Burchall wrote a very interesting column about that a few years ago.
So much for ‘shared sacrifice’.
I’m in retail as well. Things really do feel like they are turning around.
This is positive news for this year! I beg to ask what are the long term strategies to keep the sales up after 2017′s Americas Cup when most of the short term supporting guest and participants leave the island?…..Leaving behind empty apartments, used second had vehicles, furniture, etc… 2017 is not that far away…
In regards to increasing our island’s population what does the government have in it’s plan to increase birth rates here on the island?
Get the economy back on track by enticing investment and increasing high value foreign workers to reside and you will see birth rates climb.
Or do you mean raising taxes on birth control products and giving out free money starting at child #3?
Have you been avoiding news for the past month or so?.