Seventh consecutive month of increase
Today, the Minister for the Cabinet Office, the Hon. Wayne Furbert, JP, MP, released the January 2021 Retail Sales, which inidcated that the overall volume of local retail sales increased by 5.8%.
This compares to the previous year’s local retail sales which reported a volume decrease of 2.2%, as outlined in the Department of Statistics’ January retail sales report.
In value terms, retail sales rose 6.7% to an estimated $91.0 million.
Minister Furbert said, “The retail sales growth in January 2021 is the seventh consecutive month of increase, compared to the same month in 2020.
“This consistent increase in activity is good news for Bermuda’s economy and many local businesses.”
Minister Furbert continued, “Four of the seven retail sales sectors experienced positive growth in January 2021. This was led by the liquor stores, which experienced the largest sales volume increase of 20.2 per cent.”
In January 2020, sales volume for liquor stores increased by 0.3%.
The All Other Store Types sector comprises a variety of stores selling household items, furniture, appliances, electronics, pharmaceuticals, marine supplies and tourist-related goods.
In January 2021, it showed a 9.6% increase compared to a 1.7% decrease in 2020.
The Minister went on to say, “Building material stores sales increased 5.2% in both volume and value terms. The growth in sales was associated with large customer projects and home renovations.
“Total selected overseas declarations increased 14.0% in January 2021 compared to January 2020. The rise in overseas declarations was influenced by more imports of clothing and footwear by courier as well as higher imports of clothing, machinery, appliances, electrical equipment, boats and furniture by sea.”
The sales volume for apparel stores decreased 5.5%, while service stations experienced a 7.4% decline in sales during the month. The motor vehicle stores sales volume fell by 23.6% when compared to 2020 due to fewer cars and motorcycles being sold.
Minister Furbert concluded, “Since July 2020, Bermuda has experienced seven (7) consecutive months of increased retail sales activity. We also see the continuing trend of building materials being purchased for home renovations and ongoing construction projects. All of this has helped local businesses and the economy overall. And I would like to thank residents once again, who during these challenging times, are playing a key role in supporting local businesses, keeping people employed and aiding our economy.”
The public is encouraged to review the January 2021 Retail Sales Index report in full at https://www.gov.bm/retail-sales-index-rsi.