Retail Sales Decreased 0.2% In October 2022

January 26, 2023 | 2 Comments

After adjusting for the retail sales rate of inflation – measured at 5.8% in October – the overall volume of retail sales decreased 0.2% when compared to October 2021, according to the recently released Retail Sales Index.

A Government spokesperson said, “Today, the Ministry of Economy and Labour released the October 2022 Retail Sales Index. October’s retail sales volume decreased 0.2 per cent compared to last year. In value terms, retail sales increased to an estimated $98.1 million. Four of the seven sectors recorded volume declines in October 2022.

Chart extracted from the report:

Retail Sales Index October 2022

“The sales volume for Food Stores declined 9.1 per cent, while Liquor Stores’ sales volume decreased 4.7 per cent. Compared to the pre-pandemic sales volume in 2019, Food Stores registered a 13.5 per cent decrease, while sales for Liquor Stores were 1.4 per cent lower.

“Motor Vehicle Stores’ sales volume declined 5.3 per cent due to a decreased number of high-value vehicles sold compared to the previous year. This sales level was 5.0 per cent below the sales volume in October 2019 before the pandemic.

“The sales volume for Building Material Stores decreased 1.8 per cent. The sales volume for this sector was 4.3 per cent above the 2019 sales level.

“The following sectors experienced increases in sales volume 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], the sales volume increased 3.0 per cent. Sales for this sector registered 0.8 per cent above the pre-pandemic sales volume for the same period of 2019.

“Service Stations’ sales volume increased 5.7 per cent from last year and was 7.3 per cent below the pre-pandemic sales in October 2019.

“The sales volume at Apparel Stores rose 14.0 per cent due to increased inventory. However, the sales volume was 9.9 per cent below the pre-pandemic sales of 2019.

“Overseas declarations increased 31.6 per cent compared to October 2021. Overseas declarations were 78.3 per cent higher when compared to the pre-pandemic period.”

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

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Comments (2)

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  1. Joe Bloggs says:

    “A Government spokesperson said, …”

    Why isn’t former UBP Leader the Hon. Wayne Furbert giving us this news himself?

    • Ringmaster says:

      He’s like the Premier, only appears when there is good news so he can take credit. Since good news on anything is scarce most announcements are made by an unnamed spokesperson.

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