Retail Sales Decreased 4.4% In February 2022
After adjusting for the retail sales rate of inflation – measured at 4.7% in February – the overall volume of retail sales decreased 4.4% when compared to February 2021, according to the recently released Retail Sales Index.
A Government spokesperson said, “Today, the Ministry of Economy and Labour released the February 2022 Retail Sales Index.
“February’s retail sales volume fell 4.4% compared to last year. In value terms, retail sales revenue remained the same as the previous year [February 2021] at an estimated $87.8 million. Compared to the pre-pandemic period of February 2020, volume sales were marginally higher by 0.1%. Despite the overall decline in sales volume, two sectors experienced growth in February 2022.
Chart extracted from the report:
“Motor Vehicle Stores’ sales grew 12.2% due to increased inventory of automobiles available for sale. However, this sales level was 4.7% below the sales volume in February 2020 prior to the pandemic.
“Building Material Stores’ sales grew 8.9% due to higher demand for building material goods to support new and ongoing construction projects. The sales volume for this sector was 22.2% above the 2020 sales level.
“All other sectors experienced declines in sales volume compared to the previous year.
“Sales at Apparel Stores decreased by 2.8%, reflecting more residents purchasing apparel overseas. This sales level was 5.3% above pre-pandemic sales in 2020.
“Service Stations’ sales declined by 4.2% from last year and 6.4% 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 6.2% decrease due to lower sales of pharmaceuticals and miscellaneous goods. Sales for this sector registered 2.5% above the sales volume in 2020.
“Sales at Food Stores decreased by 9.6%, while Liquor Stores’ sales fell by 12.8%. Compared to pre-pandemic sales in 2020, Food Stores registered a 5.8% decline while sales for Liquor Stores were 5.3% higher.
“Also, overseas declarations decreased 0.9% compared to February 2021, influenced primarily by lower imports of medicaments, clothing, jewellery and food products by residents via courier.”
The full February 2022 Retail Sales Index publication follows below [PDF here]:
“Sales at Food Stores decreased by 9.6%, while Liquor Stores’ sales fell by 12.8%.
Solid proof that more and more people are leaving the island! Wait until the school year is over.
Can’t say I blame them. My family has been talking a lot about our Plan B lately.