Retail Sales Increased 2% In May 2022
After adjusting for the retail sales rate of inflation – measured at 4.5% in May – the overall volume of retail sales increased 2.0% compared to May 2021, according to the recently released Retail Sales Index.
A Government spokesperson said, “Today, the Ministry of Economy and Labour released the May 2022 Retail Sales Index. May’s retail sales grew 2.0 compared to last year. In value terms, retail sales increased to an estimated $104.4 million.
“Compared to the pre-pandemic period of May 2019, volume sales were lower by 3.6 per cent, with three sectors experiencing growth in May 2022.
Chart extracted from the report:
“Sales at Apparel Stores increased 28.8 per cent, reflecting increased spending by residents due to the celebration of Bermuda Day and the easing of COVID-19 restrictions. This sales level was 23.8 per cent below the pre-pandemic sales of 2019.
“Motor Vehicle Stores’ sales grew 24.9 per cent. The increase was due to more cars sold than the previous year. This sales level was 1.4 per cent above the sales volume in May 2019 before the pandemic.
“Service Stations’ sales increased 10.7 per cent from last year and were 6.4 per cent below the pre-pandemic sales of 2019. This increase is due to the celebrations of Bermuda Day and the Sail GP event.
“All other sectors experienced decreases in sales compared to the previous year.
“Building Material Stores’ sales fell 0.8 per cent. However, the sales volume for this sector was 17.6 per cent above the 2019 sales level.
“In the All Other Store Types sector [comprising of stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods], there was a 1.5 per cent decrease attributed to lesser sales in household goods, boat and marine supplies. Sales for this sector registered 9.8 per cent below the pre-pandemic sales volume in May 2019.
“Sales at Liquor Stores decreased 1.1 per cent, while Food Stores’ sales fell 7.4 per cent. Compared to 2019 pre-pandemic sales, Liquor Stores registered a 2.4 per cent increase while sales for Food Stores were 5.3 per cent lower.
“Overseas declarations increased 32.2 per cent compared to May 2021 and 61.6 per cent over the pre-pandemic period, influenced primarily by courier imports.”
The full May 2022 Retail Sales Index publication follows below [PDF here]:
FLIP FLOP FURBERT not fudging numbers anymore… been quite.. guess hes just doing what his told
“After adjusting for the retail sales rate of inflation – measured at 4.5% in May ”
Yes! Still less than 1/2 the rate of inflation in the U.S. or U.K. Well done PLP Government!
Has to be due to the good work of the governing party and all they are doing to help local spending…………