Retail Sales Increased 14.2% In April 2022

July 15, 2022 | 3 Comments

After adjusting for the retail sales rate of inflation, measured at 4.5% in April, the overall volume of retail sales increased 14.2% when compared to April 2021, according to the recently released Retail Sales Index.

A Government spokesperson said, “Today, the Ministry of Economy and Labour released the April 2022 Retail Sales Index. April’s retail sales grew 14.2% compared to last year. In value terms, retail sales increased to an estimated $100.1 million.

Chart extracted from the report:

April 2022 RSI Report Bermuda

“Compared to the pre-pandemic period of April 2019, volume sales were higher by 1.7%, with five sectors experiencing growth in April 2022.

“Sales at Apparel Stores increased by 264.7%, reflecting increased spending by residents due to the easing of Covid-19 regulations and no temporary shutdown in April 2022. This sales level was 30.1% below the sales of 2019.

“Motor Vehicle Stores’ sales grew 112.7% due to an increased number of automobiles sold compared to the previous year. This sales level was 26.7% above the sales volume in April 2019 before the pandemic.

“Building Material Stores’ sales rose 51.9%. The increase was due to no temporary closures and the easing of Covid-19-related regulations this year. The sales volume for this sector was 28.2% above the 2019 sales level.

“Service Stations’ sales increased 32.6% from last year and were 3.0% below the pre-pandemic sales of 2019.

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

“In the All Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods], there was a 21.0% increase in sales attributed mainly to jewellery and tourist-related items. Sales for this sector registered 10.3% below the pre-pandemic sales volume in April of 2019.

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

“Sales at Food Stores decreased 12.6%, while Liquor Stores’ sales fell 8.7%. Compared to pre-pandemic sales in 2019, Food Stores registered a 1.0% increase, while Liquor Store sales were 5.2% higher.

“Overseas declarations increased 14.1% compared to April 2021 and 47.8% over the pre-pandemic period, influenced primarily by returning residents via the airport.”

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

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Comments (3)

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  1. Unbelievable says:

    I’m not an economist but this looks good. It’s only for one month but better than 2018 and 2019. Let’s hope the cumulative year is better too!

  2. Joe Bloggs says:

    I am not surprised. April 2021 was the 2021 spring “pause”. We were not allowed to leave our homes except for essential purposes during the middle of April 2021. We returned to “alphabet” shopping days and 1 hour per day of exercise outside our homes.

    Given that history, I am not surprised our April sales increased this year!

  3. Bright & Early says:

    Where are they getting the figures from. Just go shopping at any grocery store and see the prices rise every week. Coffee has gone up, eggs and bread have gone up. Potatoes about $2 or more so that isn’t what is shown in the figures. Who shops for the general public? Themselves. Every time I go shopping I find another item increased in price from the week or several weeks before. Why?

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