Retail Sales Decreased 2.3% In December 2023

May 24, 2024 | 0 Comments

After adjusting for the retail sales rate of inflation – measured at 2.3% in December – the overall volume of retail sales index decreased 2.3% when compared to December 2022, according to the recently released Retail Sales Index.

A Government spokesperson said, “The Ministry of Economy and Labour released the December 2023 Retail Sales Index publication.

Chart extracted from the report:

December 2023 RSI Report Figure 1 Chart

“December’s volume of retail sales index decreased by 2.3 per cent compared to last year. In value terms, retail sales remained unchanged at an estimated $118.9 million.

“Five of the seven sectors recorded year-over-year volume index decreases in December 2023:

  • The sales volume for Food Stores fell 0.2 per cent.
  • The Liquor Stores’ sales volume fell 0.8 per cent.
  • The sales volume for Building Material Stores decreased 3.0 per cent.
  • The sales volume at Apparel Stores decreased 6.1 per cent.
  • The sales volume in the All Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals, and tourist-related goods] decreased by 6.0 per cent.

“The following sectors had an increase in sales volume compared to the previous year:

  • Motor Vehicle Stores’ sales volume increased 3.3 per cent.
  • Service Stations’ sales volume grew 3.8 per cent.

“Selected overseas declarations decreased 3.3 per cent compared to December 2022.”

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

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