Retail Sales Increased 10.4% In May 2021
After adjusting for the retail sales rate of inflation – measured at 1.6% in May – the overall volume of retail sales increased 10.4% when compared to May 2020, according to the recently released Retail Sales Index.
A Government spokesperson said, “Today, the Minister for the Cabinet Office, the Hon. Wayne Furbert, JP, MP, released the May 2021 Retail Sales report, which indicated that the overall volume of local retail sales increased by 10.4% year-over-year.
“May’s retail sales growth represents the 11th straight month of increase.In value terms, retail sales rose 12.3% to an estimated $97.4 million.
“May’s retail sales increase compares to the previous year’s local retail sales which reported a volume decrease of 14.9%, as outlined in the Department of Statistics’ May Retail Sales report.
Chart extracted from the report:
Minister Furbert said, “This consistent increase in activity is good news for Bermuda’s economy and many local businesses.”
“Major highlights of May’s retail sales activity included the sales volume of apparel stores increasing over two-fold. Volume sales for Building Material Stores, Motor Vehicle Stores, Service Stations and All Other Store types all registered double-digit growth.
“Five of the seven retail sales sectors experienced positive growth in May 2021. This was led by the Apparel Stores whose sales more than doubled due to retailers being closed or offering curbside pick-up only in May 2020 during the lockdown compared to operating with fewer restrictions on sales this year. Volume sales for apparel stores remained below the May 2019 sales level.
“Building Material Stores sales increased by 38.9% in sales volume due to renovations and customer projects. The growth also signalled a return to a sales level which was higher than the pre-pandemic sales volume in May 2019.
“Service Stations experienced a 21.0% growth with more vehicles in transit on the road and increased boat traffic.
“The All Other Store Types sector comprises a variety of stores selling household items, furniture, appliances, electronics, pharmaceuticals, marine supplies and tourist-related goods. In May 2021, it registered a 21.6% increase compared to a 25.7% decrease in 2020.
“May sales volume for Motor Vehicle Stores rose by 18.6% compared to a 31.5% decrease in 2020 due mostly to a greater number of cars sold which offset decreasing motorcycle sales.
“May sales volume for Food stores decreased 2.5% while the sales volume for Liquor stores decreased 13.3% per cent. In May 2020 the COVID-19 pandemic and the government restrictions resulted in larger than average purchases of food and liquor.
Minister Furbert said, “Total selected overseas declarations increased 71.6% in May 2021 compared to May 2020. The rise in overseas declarations was influenced by higher imports of furniture, clothing, and electrical machinery and equipment by sea”.
Minister Furbert said he “would like to thank residents once again, who during these challenging times, are playing a key role in supporting local businesses, keeping people employed and aiding our economy.”
The full May 2021 Retail Sales Index publication follows below [PDF here]:
Retail sales rose in 2017 from 2016 but have then fallen since then. This year’s numbers are worse than 2016. What happened in 2017? Was there a Worldwide financial meltdown like 2008? Or a local event like the PLP being elected? Data speaks volumes.