Retail Sales Decreased 3.4% In February 2023

June 1, 2023

After adjusting for the retail sales rate of inflation – measured at 4.7% in February – the overall volume of retail sales index decreased 3.4% when compared to February 2022, according to the recently released Retail Sales Index.

A Government spokesperson said, “Today, the Ministry of Economy and Labour released the February 2023 Retail Sales Index.

“February’s volume of retail sales index decreased 3.4 per cent compared to last year. In value terms, retail sales increased to an estimated $88.5 million.

“Four of the seven sectors recorded volume decreases in February 2023.

“The sales volume for Building Material Stores decreased 15.8 per cent. The sales volume for this sector was 12.0 per cent below the 2019 sales level.

Chart extracted from the report:

February 2023 RSI Report Figure 1 Chart

“In the All Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods], there was an 11.9 per cent decrease in sales volume. Sales for this sector registered 7.0 per cent below the pre-pandemic sales volume for the same period of 2019.

“The sales volume at Apparel Stores fell 9.3 per cent and was 19.8 per cent below the pre-pandemic sales of February 2019.

“The sales volume for Food Stores fell 7.5 per cent, while Liquor Stores’ sales volume rose 14.2 per cent. Compared to the pre-pandemic sales volume of February 2019, Food Stores sales decreased 8.5 per cent, while Liquor Stores sales were 14.2 per cent higher.

“The following sectors experienced increases in sales volume compared to the previous year.

“Service Stations’ sales volume increased 1.1 per cent from last year and was 5.3 per cent below the pre-pandemic sales in February 2019.

“Compared to the previous year, Motor Vehicle Stores’ sales volume rose 16.2 per cent as a result of an increase in the sales of vehicles due to a larger inventory than compared to 2022. The sales level was 16.2 per cent above the sales volume in February 2019 before the pandemic.

“Overseas declarations decreased 5.0 per cent compared to February 2022 and were 32.1 per cent higher than in the pre-pandemic period.”

The full February 2023 Retail Sales Index publication follows below [PDF here]:

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  1. Joe Bloggs says:

    “Today, the Ministry of Economy and Labour released the February 2023 Retail Sales Index”

    Thank you, Minister Hayward for that heartening news. It fits right in with the predicted impact of minimum wage.