Retail Sales Increased 4.7% In January 2024

After adjusting for the retail sales rate of inflation, measured at 2.5% in January, the overall volume of retail sales index increased 4.7 per cent when compared to January 2023, according to the recently released Retail Sales Index.

A Government spokesperson said, “Today, the Ministry of Economy and Labour released the January 2024 Retail Sales Index publication.

Chart extracted from the report:

“January’s volume of retail sales index increased 4.7 per cent compared to last year. In value terms, retail sales increased at an estimated $99.5 million.

“Six of the seven sectors recorded year-over-year volume index increases in January 2024:

• “The sales volume for Food Stores grew 1.9 per cent.
• “Motor Vehicle Stores’ sales volume increased 25.2 per cent.
• “Service Stations’ sales volume grew 1.9 per cent.
• “The sales volume for Building Material Stores increased 31.3 per cent.
• “The sales volume at Apparel Stores increased 7.9 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 1.2 per cent increase in sales volume.

“The following sector had a decrease in sales volume compared to the previous year:

• “The Liquor Stores’ sales volume fell 4.9 per cent.

“Selected overseas declarations increased 6.6 per cent compared to January 2023. The public can review the January 2024 Retail Sales Index report at https://www.gov.bm/retail-sales-index-rsi.”

The full January 2024 Retail Sales Index publication here [PDF].

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