RETAIL SALES INDEX

November 2017

SALES VOLUME DOWN 3.1 PER CENT In value terms, retail sales declined 0.7 per cent to
After adjusting for the retail sales rate of inflation, an estimated $95.9 million. Returning residents
measured at 2.5 per cent in November, the overall declared overseas purchases valued at $6.4 mil-
volume of retail sales decreased 3.1 per cent. All lion, which was 3.2 per cent higher than Novem-
retail sectors recorded declines in sales volume ber 2016. This contributed to a combined local
with motor vehicle dealers recording the largest and overseas spending of $102.3 million.
decrease of 14.2 per cent. The sales volume of
apparel stores also declined significantly by 7.2 Excluding Sundays, there were 25 shopping days
per cent. during the month, the same as in November 2016.

The Retail Sales SUMMARY STATISTICS

Index (RSI) is
Overseas Purchases Combined
currently based on Annual % Change in
Total Declared by Retail Sales
Total Retail Sales
a matched sample Retail Returning Residents (Local + Overseas)
Retail
Sales Sales
of reporting retail Estimate
Volume Value %
stores. The sales Period Index Volume Value Value Value ($M) % Change
($M) ($M) Change
data are collected
from these stores 2016
through a monthly Nov 102.2R +4.0 +5.1R 96.5R 6.2 -4.8 102.7R +4.4R
Dec 115.5 -3.0 -2.4 108.9 6.5 -4.1 115.4 -2.5
mail survey. The
2017
Department of Jan 88.5 -2.1 -1.0 84.3 4.4 0.0 88.7 -0.9
Statistics wishes to Feb 83.9 -4.6 -2.7 80.0 3.1 -3.1 83.1 -2.7
acknowledge the Mar 101.3 +3.3 +5.3 96.5 3.7 +8.7 100.2 +5.4
continuous support Apr 99.3 +1.4 +2.2 94.8 4.8 +1.0 99.6 +2.2
May 111.2 +8.3 +9.8 106.8 5.0 -7.4 111.8 +8.9
of the business
Jun 117.0 +7.6 +9.1 112.2 3.8 -7.3 116.0 +8.5
community in Jul 110.8 +0.7 +2.2 106.3 3.4 -22.7 109.7 +1.2
supplying the Aug 102.2 +2.5 +4.7 98.5 6.6 +3.1 105.1 +4.6
required sales data. Sep 99.1 -0.8 +1.9 96.3 4.8 +4.3 101.1 +2.0
Oct 96.2R -0.2R +1.4R 92.9R 5.1 +21.4 98.0R +2.3R
Nov 99.0 -3.1 -0.7 95.9 6.4 +3.2 102.3 -0.4

DEPARTMENT OF STATISTICS
 BERMUDA RETAIL SALES INDEX — November 2017

Motor Vehicle Stores All Other Store Types

As a result of fewer units being sold during the In volume terms, sales for the all other store
month, retailers of motor vehicles recorded a types sector fell 2.8 per cent. In value terms, sales
14.2 per cent decrease in sales volume. In value receipts for the all other store types sector declined
terms, sales receipts were 13.6 per cent lower 1.4 per cent. Marine and boat suppliers reported
year-over-year. a 14.0 per cent decline in sales value. The sales
value of furniture, appliances and electronics
weakened 0.9 per cent while sales revenue of
Apparel Stores
pharmacies experienced a marginal decline of 0.2
The sales volume of apparel stores contracted 7.2
per cent. Gross receipts for other miscellaneous
per cent due to fewer sales events compared to
sales also decreased by 5.1 per cent.
November 2016. In value terms, sales revenue
for apparel stores declined 5.5 per cent year.
Service Stations
After adjusting for inflation, the sales volume of
fuel sales for service stations declined 2.2 cent
during November 2017. The value of fuel sales
rose 7.0 per cent due primarily to a 9.4 per cent
increase in the average price of premium fuel.

Resident Purchases Overseas (value)

Residents declared 6.4 million in overseas
purchases during the month, 3.2 per cent more
than November 2016. Higher outlays for
Building Material Stores
clothing and footwear, as well as electronic and
Receipts from the sale of building materials photographic equipment contributed to the
was 4.1 per cent lower in volume terms and 4.2 overall rise in the total value of declarations.
per cent lower in value terms. The drop in sales
receipts was a result of a lower demand for sup-
plies and materials.

Food and Liquor Stores

The volume of sales for food stores slipped 1.8
per cent, while liquor store sales volume declined
3.1 per cent. In value terms, receipts for food
and liquor sales increased 2.1 per cent and 2.9
per cent, respectively.

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 BERMUDA RETAIL SALES INDEX — November 2017

Table 1
Average Monthly Sales Volume (1)
2015=100
Total Motor Building
Period Retail Food Liquor Vehicle Service Material Apparel All Other
Stores Stores (2) Stores (3) Stores Stations Stores Stores Store Types
2016
Nov 102.2R +4.0 98.3R +2.4R 87.8R -3.9R 110.2R +16.3R 97.3R +3.6R 121.0R +20.3R 114.6 -0.9 101.5R +2.3R
Dec 115.5 -3.0 107.7 -1.0 120.5 -3.2 79.3 -29.4 94.9 -2.4 93.8 +1.5 186.7 +1.6 125.4 -3.0

2017
Jan 88.5 -2.1 94.2 -3.6 69.1 -5.8 98.2 -12.2 89.1 +5.8 105.8 +17.0 60.2 -2.9 84.4 -2.3
Feb 83.9 -4.6 89.5 -2.1 76.6 -1.8 90.5 -19.8 84.6 -8.9 99.9 +8.6 50.1 -12.9 81.4 -3.2
Mar 101.3 +3.3 100.3 -1.3 88.6 -3.2 130.2 +22.9 100.1 -0.9 140.7 +22.5 76.7 -2.3 95.6 +1.8
Apr 99.3 +1.4 101.2 +3.0 98.4 +4.9 91.7 -22.0 97.4 +2.4 112.7 -4.2 85.0 +1.4 102.0 +7.6
May 111.2 +8.3 105.9 +4.3 108.9 +2.6 90.7 -10.5 118.6 +6.8 128.6 +12.0 112.1 +12.5 116.2 +16.4
Jun 117.0 +7.6 109.2 +6.6 125.7 +14.2 83.3 -25.8 125.8 +13.7 112.0 +6.0 160.7 +30.9 116.9 +4.6
Jul 110.8 +0.7 105.2 -1.7 114.0 -14.5 107.2 +14.4 132.2 +2.2 108.6 -3.3 99.9 -0.2 112.0 0.0
Aug 102.2 +2.5 98.1 -0.9 102.2 +4.6 118.3 +28.0 107.5 -0.7 124.7 +29.0 89.2 -4.5 98.7 -3.5
Sep 99.1 -0.8 100.7 +1.0 92.9 -4.0 102.8 -10.1 96.8 -3.3 117.4 +12.6 94.0 +2.3 93.0 -4.7
R R R R R
Oct 96.2 -0.2 97.3 -5.4 86.9 -13.6 101.6 +15.8 101.0 +1.6 110.2 +10.0 76.5 -1.9 93.7 +0.6R

Nov 99.0 -3.1 96.5 -1.8 85.1 -3.1 94.6 -14.2 95.2 -2.2 116.0 -4.1 106.3 -7.2 98.7 -2.8

Table 2
Average Monthly Sales Value (1)
2015=100
Total Motor Building All Other
Period Retail Food Liquor Vehicle Service Material Apparel Store
Stores Stores (2) Stores (3) Stores Stations Stores Stores Types
2016
Nov 103.5R +5.1R 100.2R +4.3R 93.1R +1.6R 109.1R +16.3R 98.5R +4.1R 122.6R +20.7R 114.7 -0.9 102.9R +3.4R
Dec 116.7 -2.4 107.5 -0.9 127.1 +1.4 82.9 -25.4 99.2 +1.0 95.0 +1.8 186.8 +1.7 127.1 -1.9

2017
Jan 90.3 -1.0 97.2 -2.3 73.6 -1.0 97.4 -11.8 93.5 +8.2 107.2 +17.4 61.2 -1.4 85.5 -1.4
Feb 85.7 -2.7 92.4 -0.9 81.4 +2.6 90.2 -19.1 89.1 +4.6 101.2 +9.0 50.9 -11.6 82.6 -2.3
Mar 103.4 +5.3 104.1 +0.6 94.3 +1.4 129.2 +23.4 104.6 +12.9 142.5 +22.9 77.9 -0.9 96.5 +2.1
Apr 101.6 +2.2 103.2 +2.6 106.0 +9.0 91.1 -21.6 106.6 +9.9 114.2 -3.9 86.4 +3.6 103.1 +8.0
May 114.4 +9.8 111.1 +7.4 120.6 +8.6 90.1 -10.1 130.6 +15.2 130.2 +12.0 113.9 +14.8 117.5 +15.7
Jun 120.2 +9.1 114.8 +10.4 139.2 +19.4 82.8 -25.4 133.7 +16.7 113.5 +6.0 163.3 +33.6 118.4 +4.7
Jul 113.9 +2.2 111.0 +2.0 127.7 -9.5 106.5 +14.9 139.3 +6.1 110.0 -3.3 101.7 +2.0 113.5 +0.2
Aug 105.5 +4.7 103.7 +3.1 114.5 +10.7 117.6 +28.4 116.8 +7.0 126.3 +29.0 90.9 -2.3 99.9 -3.5
Sep 103.2 +1.9 106.3 +4.5 104.2 +1.7 102.0 -10.0 112.2 +9.8 118.9 +12.6 95.7 +4.5 94.3 -4.6
R R R R R R R
Oct 99.5 +1.4 102.9 -2.0 97.7 -8.3 101.3 +16.7 110.0 +5.8 111.6 +10.0 78.1 +1.6 94.9 +0.7

Nov 102.8 -0.7 102.3 +2.1 95.8 +2.9 94.3 -13.6 105.4 +7.0 117.5 -4.2 108.4 -5.5 101.5 -1.4

(1) Index numbers are subject to revisions (R ) represents revised

(2) Includes household supplies but excludes alcoholic beverages *The yearly series reflect annual changes.
(3) Does not include sales to bars, clubs, hotels and restaurants

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 BERMUDA RETAIL SALES INDEX — November 2017

EXPLANATORY NOTES and in the rendering of services that are incidental

to the sale of the merchandise.
The Retail Sales Index (RSI) was first developed in
1982. It is a key economic indicator used to assess Retail Establishment
the current performance of sales activity in the A retail establishment is one that operates at a fixed
retail sector of the economy. place of business and is engaged in sales activities to
attract the general public to buy merchandise.
The RSI is a self-weighting index. This means that
stores reporting a large value of sales have a greater Value Sales
impact on the movement of the index than stores The dollar value of a quantity of goods and services
reporting a low level of sales activity. sold for cash or credit. Sales include the amounts
received from customers for: immediate and layaway
The RSI serves to:
purchases; rentals; installations; maintenance; repairs
1) measure monthly and annual movements of and alterations.
retail sales
Gross Sales
2) provide an estimated gross turnover of sales in Gross sales are sales for which no deductions have
the local retail sector been made for the return of merchandise,
3) act as a barometer of change in the level of allowances and discounts.
demand for both the domestic and tourist Volume Sales
markets The dollar value of a quantity of goods and services
The index is structured into seven broad sectors: sold at current retail market prices adjusted to
Food Stores eliminate the effect of price change.
Liquor Stores Estimated Gross Turnover
Motor Vehicle Dealers Estimated gross turnover is the total value of retail
Service Stations sales generated in the retail sector. It is calculated by
Building Materials applying the all-items index number for the current
Apparel Stores month to the average monthly sales figure determined
All Other Store Types in the base year.
Total retail stores across the seven sectors represent Base Period
roughly 70% of all retail activity on the Island. The base This is the time period used as a reference point for
period 2015 recorded a gross turnover in retail sales of measuring the shift in the value of retail sales. The
$1.1 billion. base period for the Bermuda RSI is 2015.
Retail outlets that participate in the retail sales survey Overseas Purchases
and trade in similar types of goods are grouped into Overseas purchases reflect the value of goods declared
these seven sectors. It is important to note that sector by residents through HM Customs while travelling on
classifications are not interchangeable with commodity vacation or business trips.
classifications. This is because most retail outlets
sell several kinds of commodities. The sector classifi- Published by the Government of Bermuda
cation reflects generally the individual commodity or January 2018
the commodity group, which is the primary source of
the establishment’s receipts, or some mixture of Department of Statistics
commodities, which characterizes the establishment’s Cedar Park Centre,
business. 48 Cedar Avenue, Hamilton HM 11, Bermuda
CONCEPTS AND DEFINITIONS P.O. Box HM 3015
Hamilton HM MX, Bermuda
Retail Trade
Retail trade is the sector of the economy that Tel: (441) 297-7761, Fax: (441) 295-8390
includes establishments that are engaged in the sale of E-mail: [email protected]
merchandise for personal or household consumption Website: www.gov.bm/department/statistics

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