Retail Sales Decreased 6.3% In January 2022

April 27, 2022 | 1 Comment

After adjusting for the retail sales rate of inflation, measured at 3.8% in January, the overall volume of retail sales decreased 6.3% when compared to January 2021, according to the recently released Retail Sales Index.

A Government spokesperson said, “Today, the Ministry of Economy and Labour released the January 2022 Retail Sales Index. January’s retail sales fell 6.3% compared to last year. In value terms, retail sales fell 2.7% from the previous year [January 2021] to an estimated $88.2 million.

“Compared to the pre-pandemic period of January 2020, volume sales were 1.4% lower. However, two sectors experienced growth in January 2022.

Chart extracted from the report:

January 2022 RSI Report-1

“Building Material Stores’ sales grew 11.8% due to higher demand for building material goods to support new construction projects and contract sales. The sales volume for this sector remained 0.9% below the 2020 sales level.

“Motor Vehicle Stores’ sales grew 4.4% due to increased inventory of cars available for sale. However, this sales level was 20.7% below the sales volume in January 2020 prior to the pandemic.

“All other sectors experienced declines in sales volume compared to the previous year.

“Service Stations’ sales fell by 3.4% from last year and remained 9.7% below pre-pandemic sales in 2020.

“In the All Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods], there was a 5.9% decrease due to lower electronics sales. Sales for this sector registered 3.5% above the sales volume in 2020.

“Sales at Apparel Stores decreased by 11.5%, reflecting more residents purchasing apparel overseas. This sales level was 14.3% below pre-pandemic sales in 2020.

“Sales at Food Stores decreased by 11.5%, while Liquor Stores’ sales fell by 14.1%. Compared to pre-pandemic sales in 2020, Food Stores registered a 1.1% decline while sales for Liquor Stores were 3.4% higher.

“Also, overseas declarations increased 12.8% during January 2021, influenced primarily by higher imports of printed materials, machinery and equipment by residents via courier.”

The full January 2022 Retail Sales Index publication follows below [PDF here]:

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  1. Joe Bloggs says:

    “A Government spokesperson said, “Today, the Ministry of Economy and Labour released the January 2022 Retail Sales Index”

    Why isn’t Minister Hayward there to take credit?

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