Retail Sales Decreased 1.7% In December 2022
After adjusting for the retail sales rate of inflation – measured at 6.3% in December – the overall volume of retail sales decreased 1.7% when compared to December 2021, according to the recently released Retail Sales Index.
A Government spokesperson said, “Today, the Ministry of Economy and Labour released the December 2022 Retail Sales Index. December’s retail sales volume decreased 1.7 per cent compared to last year. In value terms, retail sales increased to an estimated $117.8 million.
“Four of the seven sectors recorded volume decreases in December 2022. The sales volume at Apparel Stores fell 17.5 per cent and was 18.7 per cent below the pre-pandemic sales of 2019.
Chart extracted from the report:
“The sales volume for Food Stores declined 7.2 per cent, while Liquor Stores’ sales volume increased 1.5 per cent. Compared to the pre-pandemic sales volume in 2019, Food Stores registered an 8.3 per cent decrease, and sales for Liquor Stores were 13.2 per cent higher.
“In the All Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods], there was a 7.0 per cent decrease in sales volume. Sales for this sector registered 3.6 per cent below the pre-pandemic sales volume for the same period of 2019.
“Service Stations’ sales volume decreased 4.9 per cent from last year and was 5.9 per cent below the pre-pandemic sales in December 2019.
“The following sectors experienced increases in sales volume compared to the previous year.
“Motor Vehicle Stores’ sales volume increased 7.1 per cent due to a higher inventory of automobiles available compared to the previous year. The sales level was 7.1 per cent below the sales volume in December 2019 before the pandemic.
“The sales volume for Building Material Stores increased 30.3 per cent. The sales volume for this sector was 77.4 per cent above the 2019 sales level.
“Overseas declarations decreased 1.5 per cent compared to December 2021 and were 35.4 per cent higher than in the pre-pandemic period.”
The full December 2022 Retail Sales Index publication follows below [PDF here]:
Another resounding PLP failure.
Jason Hayward should be pleased as he said jobs in retail were not important. Then again these stats are probably as useless as the inflation numbers.
Why do you think there is a decrease in retail sales? BECAUSE BERMUDA PRICES ARE TO HIGH!
More Bermudians are buying on-line with overseas companies. Cheaper prices and a wider selection to choose from. Why settle to choose from 1, 2 or 3 styles or colours in something, when you can choose from over a 1000. I AM ONE OF THEM!
Southampton. Please remember your comments the next time you decide to ask your local retailer or company to support your school, church, or charity raffle, race, concert, or event.
I’m pretty sure you, your spouse and family (if you have one here) earn 2x, 3X or more in your profession for what you do than someone in Canada , US, or UK but you don’t think that is outrageous do you? Do you own a house and rent your apartment? I’m pretty sure you are charging 2x, 3X or more for your rent.
I am personally insulted by individuals like you that feel to shout with glee about ho w they shop overseas and buy nothing locally! As a struggling local retailer, I can tell you, your government is making more money off of my business from import duty (25%+), land tax, foreign exchange tax, terminal handling fees, social insurance, payroll tax and much more. I even get penalized and charged for taking the garbage to the incinerator.
So if you want to complain about retail prices locally. Remember to talk IN CAPS to YOUR PREMIER AND YOUR GOVERMENT. And remember to also reach out to them the overseas vendors that you shop at when your kids school, team, church, or an event you want to put needs sponsorship or prizes. Let me know how it goes.