Retail Sales Decreased 1.1% In July 2022
After adjusting for the retail sales rate of inflation – measured at 5.1% in July – the overall volume of retail sales decreased 1.1% when compared to July 2021, according to the recently released Retail Sales Index.
A Government spokesperson said, “Today, the Ministry of Economy and Labour released the July 2022 Retail Sales Index.
“July’s retail sales decreased by 1.1 per cent compared to last year. In value terms, retail sales increased to an estimated $107.9 million.
“Compared to the pre-pandemic period of July 2019, volume sales were lower by 6.7 per cent, with four of the seven sectors experiencing growth in July 2022.
Chart extracted from the report:
“Service Stations’ sales volume increased 6.5 per cent from last year and was 5.3 per cent below the pre-pandemic sales of July 2019.
“Sales volume for Apparel Stores increased by 4.2 per cent, partially due to increased spending by overseas visitors. However, this sales volume was 16.9 per cent below the pre-pandemic sales of 2019.
“Sales volume for Liquor Stores rose 5.3 per cent, while Food Stores’ sales volume fell 4.8 per cent. Compared to the 2019 pre-pandemic sales volume, Liquor Stores registered a 6.1 per cent increase, while sales for Food Stores were 8.2 per cent lower.
“In the All Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods], a 0.4 per cent increase was attributed to more sales for pharmaceuticals and boat and marine supplies. Sales for this sector registered 9.0 per cent below the pre-pandemic sales volume in July 2019.
“All Other Store Types [sale of household goods – appliances and electronics] experienced decreases in sales compared to the previous year.
“Building Material Stores’ sales volume and value fell 9.7 per cent. However, the sales volume for this sector was 0.6 per cent above the 2019 sales level.
“Motor Vehicle Stores’ sales volume declined by 23.1 per cent, resulting from a decreased number of available and sold vehicles compared to the previous year. This sales volume was 29.8 per cent below the sales volume in July 2019 before the pandemic.
“Overseas declarations increased by 1.2 per cent compared to July 2021 and 21.0 per cent higher than the pre-pandemic period.”
The full July 2022 Retail Sales Index publication follows below [PDF here]:
