RETAIL SALES INDEX

OCTOBER 2023

LOCAL RETAIL SALES

Sales Volume Index Decreased 4.6 Per Cent In value terms, retail sales decreased to an estimated
$101.2 million, which represented a 1.3 per cent
After adjusting for the retail sales rate of inflation, drop in sales value year-to-year.
measured at 3.5 per cent in October, the overall vol-
ume of retail sales index decreased 4.6 per cent Excluding Sundays, there were 26 shopping days,
when compared to October 2022. the same as in October 2022.
Six of the seven sectors recorded year-to-year sales
volume index decreases while five of the sectors rec-
orded sales value index decreases during October
2023.

SUMMARY STATISTICS
Local Retail Sales Selected Overseas Declarations
Value ($M)
Period By By Via Annual
Annual % Sales Estimate
Index House- Bermuda
Change ($M) Via Residents Total %
holds Post
Courier Via Airport Via Sea Office
Volume Value Volume Value Volume Value (a+b+c+d) Change
(a) (b) (c) (d)
2022
Oct 93.0R 109.8R +0.4R +6.3R 86.8R 102.5R 21.0R 2.8 8.7 0.4 32.9R +31.6R
Nov 87.2 103.9 +0.1 +6.1 81.4 97.0 16.8 4.8 8.3 0.5 30.4 +2.0
Dec 106.8 127.2 -1.7 +4.5 99.7 118.7 16.2 5.7 10.4 0.6 32.9 -1.5
2023
Jan 84.0 100.3 -0.4 +5.7 78.4 93.6 11.3 4.0 6.9 0.5 22.7 -7.7
Feb 79.6 94.8 -3.4 +1.1 74.3 88.5 11.6 3.1 5.9 0.4 21.0 -5.0
Mar 90.6 109.2 -5.4 +0.2 84.6 101.9 16.6 3.2 7.9 0.5 28.2 +11.0
Apr 87.5 105.3 -4.1 +1.1 81.7 98.3 14.3 4.6 8.7 0.5 28.1 +2.2
May 95.7 115.2 -0.2 +4.9 89.4 107.5 15.5 4.9 9.5 0.5 30.4 -5.0
Jun 93.6 113.5 -0.5 +4.5 87.5 105.9 13.5 3.6 7.9 0.5 25.5 -8.3
Jul 100.4 121.8 +3.0 +7.5 93.7 113.7 16.2 4.3 8.5 0.5 29.5 +13.9
Aug 88.0 107.2 -3.4 +0.4 82.2 100.0 11.8 6.1 7.4 0.4 25.7 -19.2
Sep 87.4 106.6 -1.6 +1.8 81.6 99.5 10.4 4.3 6.4 0.3 21.4 -10.5
Oct 88.7 108.4 -4.6 -1.3 82.8 101.2 13.5 4.9 8.4 0.5 27.3 -17.0
 RETAIL SALES INDEX — OCTOBER 2023

YEAR-OVER-YEAR INDICES ANALYSIS

Food Stores Selected Overseas Declarations (Value)

The sales volume for Food Stores fell 4.8 per cent, Overseas declarations decreased 17.0 per cent com-
while its sales value increased 1.1 per cent. This pared to October 2022. Imports via courier de-
was partially a result of the 4.9 per cent increase in creased $7.5 million to $13.5 million. This decrease
the cost of food. was attributed to the lower importations of optical,
photographic, cinematographic, measuring, check-
ing, precision, medical or surgical instruments and
Liquor Stores apparatus; parts and accessories thereof. Imports by
households via sea decreased $0.3 million to $8.4
The sales volume for Liquor Stores fell 8.7 per cent, million. Declarations at the airport by returning res-
while its sales value decreased 4.6 per cent. idents increased $2.1 million to $4.9 million. Im-
ports via the Bermuda Post Office increased $0.1
million to $0.5 million.
Motor Vehicle Stores
The Motor Vehicle Stores sales volume increased by
21.6 per cent. In value terms, the sales in October
2023 were 23.0 per cent above the levels recorded in
October 2022.

Service Stations
The sales volume and value for Service Stations
both decreased 3.3 per cent.

Building Material Stores

The sales volume and value of Building Materials
Stores for the month of October decreased by 7.8 per
cent and 6.6 per cent, respectively.

Apparel Stores
The volume of sales for Apparel Stores fell 9.7 per
cent. The value of Apparel Store sales decreased by
9.5 per cent during October 2023.

All Other Store Types

During October 2023, the sales volume for the All
Other Stores Types decreased by 10.1 per cent. In
value terms, sales for this sector decreased by 6.9
per cent. Gross receipts from furniture sales in-
creased 10.1 per cent. Sales for pharmaceuticals in-
creased by 1.8 per cent. Sales of miscellaneous
goods fell 9.6 per cent. Sales for boat and marine
supplies decreased 15.4 per cent. Appliances and
electronics sales decreased 16.7 per cent.

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 RETAIL SALES INDEX — OCTOBER 2023

Table 1 Local Retail Sales Index and Per Cent Changes

Average Monthly Sales Volume 1,2,3
2015=100

Total Food Liquor Motor Service Building Apparel All Other

4 5
Period Retail Stores Stores Stores Vehicle Stores Stations Material Stores Stores Store Types
Index % Index % Index % Index % Index % Index % Index % Index %
2022
Oct 93.0R +0.4R 93.0R -9.4R 86.7R -5.7R 74.4R -6.1R 93.6R +10.6R 105.7R -2.5R 54.4 +13.8 94.4R +4.9R
Nov 87.2 +0.1 88.4 -6.4 83.0 +3.1 83.4 +5.8 86.6 +0.5 101.1 +1.4 69.4 -1.6 95.8 -2.2
Dec 106.8 -1.7 96.5 -7.1 109.7 +1.4 67.9 +7.1 83.7 -5.0 112.7 +0.1 135.5 +7.6 113.8 -7.0

2023
Jan 84.0 -0.4 83.1 -10.7 73.4 +8.6 74.5 +5.1 79.4 +6.0 85.1 -7.9 45.8 +13.6 87.5 +1.9
Feb 79.6 -3.4 79.0 -7.5 78.1 +14.2 83.2 +16.2 76.5 +1.1 96.3 -15.8 38.1 -9.3 75.5 -11.9
Mar 90.6 -5.4 89.3 -9.7 87.1 -2.0 90.1 +21.6 80.0 -7.3 133.6 -15.9 56.2 +2.0 86.0 -10.8
Apr 87.5 -4.1 82.4 -7.8 74.3 -6.2 72.1 -31.9 82.1 +1.0 127.6 -9.4 55.1 +11.1 87.5 +1.3
May 95.7 -0.2 88.5 -3.9 83.4 -8.3 104.3 +16.0 95.9 -2.5 112.3 -4.1 60.3 -3.5 95.2 -1.6
Jun 93.6 -0.5 92.8 -4.4 93.1 -6.2 68.3 +3.3 103.8 -0.4 127.0 +4.4 101.2 -4.4 103.0 +1.4
Jul 100.4 +3.0 90.5 -2.7 90.2 -14.1 82.8 +18.3 119.6 +2.3 126.5 +43.8 65.4 +2.2 105.1 +1.5
Aug 88.0 -3.4 84.1 -1.5 87.0 -1.9 62.8 -20.2 102.2 +2.9 94.6 -7.9 55.3 -4.3 88.4 -7.5
Sep 87.4 -1.6 85.1 -0.5 79.6 -9.3 82.5 -10.1 92.9 -2.0 103.6 +1.4 57.2 +5.7 86.4 -0.5
Oct 88.7 -4.6 88.5 -4.8 79.2 -8.7 90.5 +21.6 90.5 -3.3 97.5 -7.8 49.1 -9.7 84.9 -10.1

Table 2 Local Retail Sales Index and Per Cent Changes

Average Monthly Sales Value 1,2,3
2015=100

Total Food Liquor Motor Service Building Apparel All Other

4 5
Period Retail Stores Stores Stores Vehicle Stores Stations Material Stores Stores Store Types
Index % Index % Index % Index % Index % Index % Index % Index %
2022
Oct 109.8R +6.3R 122.6R +1.6R 106.6R -4.9R 76.5R -2.8R 115.0R +14.0R 109.7R -0.9R 60.2 +16.4 118.0R +15.6R
Nov 103.9 +6.1 120.0 +6.6 101.9 +1.2 85.7 +8.5 106.4 +4.7 104.9 +3.0 78.1 +2.2 119.7 +7.5
Dec 127.2 +4.5 130.7 +5.4 134.6 -0.2 69.7 +9.8 102.9 +1.4 117.0 +1.7 152.4 +11.8 142.3 +2.3

2023

Jan 100.3 +5.7 113.7 +1.1 91.7 +9.0 76.5 +7.7 95.4 +8.7 88.3 -6.4 51.7 +18.6 109.4 +12.0
Feb 94.8 +1.1 107.7 +3.4 97.6 +14.6 85.4 +18.3 91.3 -1.5 100.1 -14.3 43.0 -5.3 95.0 -3.6
Mar 109.2 +0.2 122.3 +1.4 109.4 -1.0 92.5 +23.7 100.5 -5.3 138.8 -14.4 63.5 +6.5 108.9 -1.9
Apr 105.3 +1.1 113.6 +3.4 94.9 -2.2 74.2 -30.6 101.0 +1.1 132.6 -7.8 60.9 +13.2 110.7 +7.2
May 115.2 +4.9 121.7 +6.8 106.5 -4.1 107.4 +18.3 117.9 -2.5 116.7 -2.4 66.6 -1.8 121.8 +5.9
Jun 113.5 +4.5 127.0 +4.3 119.2 -1.5 70.7 +5.5 127.6 -0.4 132.0 +6.3 111.8 -2.6 132.6 +9.4
Jul 121.8 +7.5 124.3 +4.7 115.0 -10.0 85.8 +21.0 147.0 +2.3 131.4 +46.3 72.2 +2.0 134.9 +8.8
Aug 107.2 +0.4 116.8 +6.0 111.5 +2.4 65.3 -18.3 125.6 +2.9 99.4 -6.8 61.1 -4.5 114.0 -2.5
Sep 106.6 +1.8 116.4 +3.2 101.9 -5.4 85.4 -8.6 114.2 -2.0 107.6 +1.4 63.2 +5.5 111.2 +4.7
Oct 108.4 -1.3 124.0 +1.1 101.7 -4.6 94.1 +23.0 111.2 -3.3 102.5 -6.6 54.5 -9.5 109.9 -6.9
1 4
Index numbers are subject to revisions Includes household supplies but excludes alcoholic beverages
2 5
Adjustments are not made for a 4/4/5 calendar month Does not include sales to bars, clubs, hotels and restaurants
3 R
The yearly series reflect annual changes. Revised

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 RETAIL SALES INDEX — OCTOBER 2023

EXPLANATORY NOTES Estimated Gross Turnover

Es mated gross turnover is the total value of retail sales
The Retail Sales Index (RSI) was first developed in 1982.
generated in the retail sector. It is calculated by applying
It is a key economic indicator used to assess the current
the all-items index number for the current month to the
performance of sales ac vity in the local retail sector of
average monthly sales figure determined in the base
the economy. The RSI is based on a matched sample of
year.
repor ng local retail stores. The sales data are collected
from these stores via a monthly mail survey. Gross Sales
The RSI is a self-weigh ng index. This means that stores Gross sales (volume and value) are sales for which no
repor ng a large value of sales have a greater impact on deduc ons have been made for the return of merchan-
the movement of the index than stores repor ng a low dise, allowances and discounts.
level of sales ac vity. Retail Establishment
The RSI serves to: Retail trade is the sector of the economy that includes
1) measure year-on-year movements of retail sales establishments that are engaged in the sale of merchan-
dise for personal or household consump on and in the
2) provide an es mated gross turnover of sales in the
rendering of services that are incidental to the sale of the
local retail sector
merchandise.
3) act as a barometer of change in the level of de-
mand for both the domes c and tourist markets Selected Overseas Declarations
The index is structured into seven broad sectors: Overseas declara ons reflect the value of goods de-
clared, whether for personal or business use, by return-
· Food Stores
ing residents via the airport, imports via couriers, imports
· Liquor Stores
via the Bermuda Post Office and the value of non-
· Motor Vehicle Stores
commercial imports by households via sea.
· Service Sta ons
· Building Material Stores Value Sales
· Apparel Stores The dollar value of a quan ty of goods and services sold
· All Other Store Types for cash or credit. Sales include the amounts received
Total retail stores across the seven sectors represent from customers for: immediate and layaway purchases;
roughly 70% of all retail ac vity on the Island. The base rentals; installa ons; maintenance; repairs and altera-
period 2015 recorded a gross turnover in retail sales of ons.
$1.1 billion. Volume Sales
Retail outlets that par cipate in the retail sales survey The dollar value of a quan ty of goods and services sold
and trade in similar types of goods are grouped into at current retail market prices adjusted to eliminate the
these seven sectors. It is important to note that sector effect of price change.
classifica ons are not interchangeable with commodity
classifica ons. This is because most retail outlets sell
several kinds of commodi es. The sector classifica on
March 2024
reflects generally the individual commodity or the com-
modity group, which is the primary source of the estab- Department of Sta s cs
lishment’s receipts, or some mixture of commodi es, Cedar Park Centre,
which characterizes the establishment’s business. 48 Cedar Avenue, Hamilton HM 11, Bermuda

P.O. Box HM 3015

CONCEPTS AND DEFINITIONS Hamilton HM MX, Bermuda
Base Period
This is the me period used as a reference point for Tel: (441) 297-7761, Fax: (441) 295-8390
measuring the shi in the value of retail sales. The base E-mail: sta s [email protected]
period for the Bermuda RSI is 2015. Webpage: www.gov.bm/department/sta s cs

@BermudaStats

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