Yesterday Ministry of Economy and Labour released the March 2022 Retail Sales Index.
March’s retail sales fell 8.0% compared to last year. In value terms, retail sales decreased by 4.5% compared to the previous year (March 2021) to an estimated $100.1 million.
Compared to the pre-pandemic period of March 2019, volume sales were higher by 1.3%, with three sectors experiencing growth in March 2022.
Building Material Stores’ sales grew 8.3% due to higher demand for building material goods to support contract projects. The sales volume for this sector was 12.4% above the 2019 sales level.
Sales at Apparel Stores increased by 8.0%, reflecting increased purchases of men’s apparel and clothing accessories. However, the sales level remained 14.2% below pre-pandemic sales in 2019.
Service Stations’ volume sales increased by 2.9% from last year but were 4.4% lower than pre-pandemic sales in 2019.
All other sectors experienced declines in sales volume compared to the previous year.
In the All Other Store Types sector (comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods), there was a 6.9% decrease due to lower sales of pharmaceuticals and marine supplies. Sales for this sector registered 9.0% above the sales volume in 2019.
Sales at Food Stores decreased by 12.2%, while Liquor Stores’ sales fell by 22.5%. Compared to pre-pandemic sales in 2019, Food Stores registered a 5.1% decline, while sales for Liquor Stores were 8.8% higher.
Motor Vehicle Stores’ sales fell by 29.7% due to a decrease in the inventory of automobiles available for sale. This sales level was 3.1% below the sales volume in March 2019, prior to the pandemic.
Overseas declarations increased 6.3% compared to March 2021, influenced primarily by increased imports of machinery and equipment by residents via courier.
The public can review the March 2022 Retail Sales Index report at https://www.gov.bm/retail-sales-index-rsi.
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