Retail Sales Decrease 10% In June 2018
After adjusting for the retail sales rate of inflation, measured at 3.1% in June – the overall volume of retail sales fell 10%, according to the recently released Retail Sales Index.
“All retail sectors recorded declines in sales volume with apparel stores experiencing the largest sales volume decrease of 28.6%,” the report said.
Chart extracted from the report:
“In value terms, retail sales declined 7.2% to an estimated $104.0 million. Returning residents declared overseas purchases valued at $4.2 million, which was 10.5% higher than June 2017. This contributed to a combined local and overseas spending of $108.2 million.
“The sales volume of apparel stores decreased 28.6%. Retailers attributed the decline in sales to the absence of the America’s Cup during 2018. In value terms, sales revenue for apparel stores was 28.2% lower year-over-year.”
“The volume of sales for liquor stores and food stores declined 8.3% and 5% respectively. Some retailers noted depressed sales when compared to revenue earned during the hosting of America’s Cup last year. In value terms, sales at liquor stores declined 4.4% while food sales contracted 3.3% during June 2018.”
The full 2018 June Retail Sales Index is below [PDF here]:
Thanks plp. You will have a hard time creating jobs while sales are down….what to do what to do? Sugar sales are gonna crash. Every house for sale keeps dropping in price. How about raising duty on clothes, TVs, shoes and all the other nice things people buy online – online tax hike to promote buy Bermuda?
Whatever happens you need to do more to grow and create confidence in our economy and I just do not see that happening under your emotional rule. You made it clear that AC were not welcome so that is out. Bitcoin seems to have gone quiet, exporting breast milk may be a niche (not sure, ask a professional)
All the base are still riding on a high but they will crash soon enough when reality sinks in.
Cant wait to hear your new leader act like he is behind a pulpit.
So OBA shared out de $77 Million to Friends and Family who therefore went on a spending spree to entice retail sectors and hope for a $300 Million return.
But instead relaxed duty for the Billionaiers which would have been an hefty income.
Boogie man buster.
14 months. What is the PLP doing to inspire the confidence of local and international business and create jobs for “born Bermudians”, as they say?
A bullet point list will be fine thanks.
Gibberish.
The economy is tanking. You own it.
The OBA are done. What a disaster they are.
The PLP are it for the long term. They created our mess and it’s now completely on them to pull us out of it. They will get all of the credit or all of the blame and will deserve 100% of whichever it turns out to be.
Clearly you didn’t read the economic impact report done by two independent, widely respected, international firms Onion Juice.
Uh, WHO didn’t see this coming?
Where is the $800M?
BTW screw you I want to hear from Burt. I have not heard a peep out of him since before titty milk gate. He is the finance guy not you or lil’ wayne (who we hear nothing from either)(BTW). How are the BIU financial reports coming? For a place that hires 8 accountants at over $100K each I would have thought my dues could get me a break down….no?
And this is what you voted for.
Burt back from the prayer breakfast yet?
These figures don’t tell the whole story. How many sales were made in BitCoin?
You’re seriously asking how many retail sales were in bitcoin?
And yet the PLP will deny the America’s Cup had any positive impact… The pettiness of Burt
Burt Coin – that will save us!
More PLP fallout
Maybe it’s part of the 2025 plan.
This is what you voted for baby glad I left
This is what the people wanted glad I left
You’ve made your point, no need to spam the forum with multiple aliases
PLP is a JOKE! If they hadn’t chased everyone out this would not be the case.
Anyone know what that container shop from the AC is doing being rebuilt on the dock by the birdcage?
it is going to be the new visitor center
Another thing we should be thanking the OBA for.
It’s going to be used as a titty milk bar
the island is tanking no jobs no respite on shootings or road fatalities gonna be a long winter the horse has bolted , a wake up call again for our debt in the millions but hey at least burtcoin gonna save us
If you danced & pranced around the HOA the downturn is on you. If you voted for the PLP, knowing full well what they did 1998 to 2012, then you will getwhat you voted for AGAIN.
Cha…2015, 2016 and 2017 looks like we were making a good progress. What happened this year…oh wait..never mind.