Retail Sales Decreased 4.6% In October 2023
The overall volume of retail sales index decreased 4.6% when compared to October 2022, according to the recently released October 2023 Retail Sales Index.
A Government spokesperson said, “Today, the Ministry of Economy and Labour released the October 2023 Retail Sales Index publication.
“October’s volume of retail sales decreased 4.6 per cent compared to last year. In value terms, retail sales decreased to an estimated $101.2 million, which represented a 1.3 per cent fall in sales value year-to-year.
Chart extracted from the report:
“Six of the seven sectors recorded year-over-year volume index decreases in October 2023:
- The sales volume for Food Stores fell 4.8 per cent.
- The Liquor Stores’ sales volume fell 8.7 per cent.
- Service Stations’ sales volume declined 3.3 per cent.
- The sales volume for Building Material Stores decreased 7.8 per cent.
- The sales volume at Apparel Stores decreased 9.7 per cent.
“In the All Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods], there was a 10.1 per cent decrease in sales volume.
“The following sector had an increase in sales volume compared to the previous year:
- Motor Vehicle Stores’ sales volume increased 21.6 per cent.
“Selected overseas declarations decreased 17.0 per cent compared to October 2022.
“The public can review the October 2023 Retail Sales Index report in full at https://www.gov.bm/retail-sales-index-rsi.
The full October 2023 Retail Sales Index publication follows below [PDF here]:
“The sales volume for Food Stores fell 4.8 per cent. The Liquor Stores’ sales volume fell 8.7 per cent. Service Stations’ sales volume declined 3.3 per cent.”
None of that can be blamed on on-line shopping or shopping whilst away. That is a result of a decreasing population. Why are people leaving Minister of Economy?
Agree 100%
And again I ask, why are we getting data nearly 6 months after the fact??
I imagine even more people have left since then and thus the sale of food and liquor has decreased even more.
Wait until this school year ends. Mass exodus with 1 way tickets.
Yep. The economy is dwindling, and if it carries on Bermuda will be a failed state. Thanks PLP.
Amazingly there has been no effort made by the PLP to track Bermudians leaving, and why. Some grandiose statements about getting them back, but why would they return? What has changed? Lack of well paying jobs, unless you are a Civil Servant, and too expensive if you have a family plus lack of housing. 4 studios in St David’s won’t help families. PLP doesn’t care while IB is booming and land is being developed to sell to non Bermudians. PLP doesn’t care about Bermudians, it’s been said over and over again.
“Amazingly there has been no effort made by the PLP to track Bermudians leaving”
Hardly amazing. It does not fit the narrative of the PLP Government.
“4 studios in St David’s won’t help families”
How dare you contradict Lt. Col. Burch! He said “4 more families will appreciate it”! See https://bernews.com/2024/04/photos-video-battery-road-development/
If people don’t have the money they cannot suport the economy.
No new taxes means the government is not supporting its people .
We need to hear a reduction in taxes especially for essential items done on a seasonal basis, meaning lean times where there is less family income.
Inflation is not going away any time soon !
Loose the suger tax !
Where are the price controls?
The government is for the people or it is not.
Unfortunately, the PLP Government cannot reduce taxes without a commensurate reduction in expenditure.
Inflation is not going away ever, not for any meaningful period of time.
Price controls do not work. All they will do is limit your choice.
Government is supposed to act in service of the governed (“government of the people, by the people, for the people”, to quote Abraham Lincoln), not the other way around as seems to be the case in Bermuda these days.