Today, the Ministry of Economy and Labour released the January 2022 Retail Sales Index.
January’s retail sales fell 6.3% compared to last year. In value terms, retail sales fell 2.7% from the previous year (January 2021) to an estimated $88.2 million.
Compared to the pre-pandemic period of January 2020, volume sales were 1.4% lower.
However, two sectors experienced growth in January 2022.
Building Material Stores’ sales grew 11.8% due to higher demand for building material goods to support new construction projects and contract sales. The sales volume for this sector remained 0.9% below the 2020 sales level.
Motor Vehicle Stores’ sales grew 4.4% due to increased inventory of cars available for sale. However, this sales level was 20.7% below the sales volume in January 2020 prior to the pandemic.
All other sectors experienced declines in sales volume compared to the previous year.
Service Stations’ sales fell by 3.4% from last year and remained 9.7 per cent below pre-pandemic sales in 2020.
In the All Other Store Types sector (comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods), there was a 5.9% decrease due to lower electronics sales. Sales for this sector registered 3.5% above the sales volume in 2020.
Sales at Apparel Stores decreased by 11.5%, reflecting more residents purchasing apparel overseas. This sales level was 14.3% below pre-pandemic sales in 2020.
Sales at Food Stores decreased by 11.5%, while Liquor Stores’ sales fell by 14.1%. Compared to pre-pandemic sales in 2020, Food Stores registered a 1.1% decline while sales for Liquor Stores were 3.4% higher.
Also, overseas declarations increased 12.8% during January 2021, influenced primarily by higher imports of printed materials, machinery and equipment by residents via courier.
The public can review the January 2022 Retail Sales Index report in full at https://www.gov.bm/retail-sales-index-rsi.