February 2022 Retail Sales Index Down 4.4% Compared To 2021

Today, the Ministry of Economy and Labour released the February 2022 Retail Sales Index.

February’s retail sales volume fell 4.4% compared to last year. In value terms, retail sales revenue remained the same as the previous year (February 2021) at an estimated $87.8 million. Compared to the pre-pandemic period of February 2020, volume sales were marginally higher by 0.1%.

Despite the overall decline in sales volume, two sectors experienced growth in February 2022.

Motor Vehicle Stores’ sales grew 12.2% due to increased inventory of automobiles available for sale. However, this sales level was 4.7% below the sales volume in February 2020 prior to the pandemic.

Building Material Stores’ sales grew 8.9% due to higher demand for building material goods to support new and ongoing construction projects. The sales volume for this sector was 22.2% above the 2020 sales level.

All other sectors experienced declines in sales volume compared to the previous year.

Sales at Apparel Stores decreased by 2.8%, reflecting more residents purchasing apparel overseas. This sales level was 5.3% above pre-pandemic sales in 2020.

Service Stations’ sales declined by 4.2% from last year and 6.4% 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 6.2% decrease due to lower sales of pharmaceuticals and miscellaneous goods. Sales for this sector registered 2.5% above the sales volume in 2020.

Sales at Food Stores decreased by 9.6%, while Liquor Stores’ sales fell by 12.8%. Compared to pre-pandemic sales in 2020, Food Stores registered a 5.8% decline while sales for Liquor Stores were 5.3% higher.

Also, overseas declarations decreased 0.9% compared to February 2021, influenced primarily by lower imports of medicaments, clothing, jewellery and food products by residents via courier.

 The public can review the February 2022 Retail Sales Index report at https://www.gov.bm/retail-sales-index-rsi.

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