RETAIL

SALES INDEX
APRIL 2024

LOCAL RETAIL SALES

Sales Volume Index Decreased 1.1 Per Cent
After adjusting for the retail sales rate of inflation, measured at 3.3 per cent in April, the overall volume of retail
sales index decreased 1.1 per cent when compared to April 2023.

Figure 1 April Local Retail Sales Value and Volume Indices

2019-2024

120.0 107.6 109.0

111.2
98.6
100.0 89.9
Index Number

92.4 70.6 94.2 90.5 89.5

80.0 82.2

60.0 65.6 Value

40.0 Volume

20.0

0.0
2019 2020 2021 2022 2023 2024
Five of the seven sectors recorded year-to-year sales volume index decreases while two of the sectors
recorded sales value index increases during April 2024. In value terms, retail sales increased to an
estimated $103.8 million, which represented a 2.0 per cent rise in sales value year-to-year.

Excluding Sundays, there were 26 shopping days, two more than in April 2023.

Figure 2 April 2024 Retail Sales Value and Volume Indices Percentage Change by Sector
Year-Over-Year

50.0 44.0
47.8
Index Percentage Change

40.0 Value
30.0 Volume

20.0
10.0 3.2
1.1 1.4
0.6
0.0
-2.9 -2.6 -2.1 -2.7
-10.0 -10.3 -9.8
-13.7
-20.0 -17.1
Food Liquor Motor Service Building Apparel All Other
Stores Stores Vehicle Stations Material Stores Stores
Stores Stores
 BERMUDA RETAIL SALES INDEX

YEAR-OVER-YEAR INDICES ANALYSIS

Food Stores Liquor Stores Motor Vehicle

Stores
The sales volume for The sales volume for Liquor The Motor Vehicle Stores
Food Stores fell 2.9 per Stores dropped 10.3 per sales volume increased by
cent, while its sales value cent, while its sales value 44.0 per cent. In value
increased 1.1 per cent. decreased 9.8 per cent. terms, the sales in April
This was partially a result 2024 grew 47.8 per cent
of the 3.6 per cent when compared to April
increase in the cost of 2023.
food.

Figure 3
Building Material Apparel Stores All Other Store
Service Stations
Stores Types
All Other Stores Types sales
The sales volume for The sales volume of The volume of sales
volume decreased by 2.7 per
Service Stations Building Materials for Apparel Stores cent. In value terms, sales for
decreased 2.6 per Stores increased by 1.4 decreased 17.1 per this sector increased by 0.6 per
cent. Sales of miscellaneous
cent, while its sales per cent. The value of cent. The value of goods increased 6.2 per cent.
value decreased 2.1 sales increased 3.2 per Apparel Store sales Appliances and electronics
sales increased 3.2 per cent.
per cent. cent. dropped 13.7 per cent. Sales at pharmacies decreased
by 1.7 per cent. Sales for boat
and marine supplies decreased
2.8 per cent. Gross receipts
from furniture sales decreased
7.0 per cent.

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 BERMUDA RETAIL SALES INDEX

Figure 3 April Selected Overseas Declarations Values

2019-2024

35.0
30.8
27.5 28.1
30.0
24.1
25.0
Index Number

20.0
18.6
15.0

10.0 12.1

5.0

0.0
2019 2020 2021 2022 2023 2024

SELECTED OVERSEAS DECLARATIONS (VALUE)

Overseas declarations increased 9.6 per cent compared to April 2023. Imports via courier increased $1.2
million to $15.5 million. This increase was attributed to the higher importations of carpets and other textile
floor coverings, clocks and watches and plastics. Imports by households via sea increased $0.7 million to
$9.4 million. Declarations at the airport by returning residents increased $0.8 million to $5.4 million. Imports
via the Bermuda Post Office remained the same at $0.5 million.

Table 1 Summary Statistics

Local Retail Sales Selected Overseas Declarations Value ($M)

Index Annual % Change Sales Estimate ($M) By Via

Period
Residents Households Bermuda
Via Courier Via Airport via Sea Post Office Total Annual %
Volume Value Volume Value Volume Value
(a) (b) (c) (d) (a+b+c+d) Change
2023
R
Apr 90.5 109.0 -3.9 +1.3 84.5 101.7 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
Nov 91.7 112.3 -1.2 +1.5 85.7 104.8 16.2 5.3 10.4 0.6 32.5 +7.3
Dec 104.5 127.4 -2.3 0.0 97.5 118.9 12.8 6.3 12.0 0.7 31.8 -3.3
2024
Jan 87.2 106.6 +4.7 +7.1 81.4 99.5 12.1 4.3 7.1 0.6 24.1 +6.6
Feb 80.3 90.8 +0.6 +0.4 74.9 92.2 13.1 3.4 7.1 0.4 24.0 +14.3
Mar 83.6 103.5 -0.2 +2.8 78.0 96.6 11.8 4.0 7.8 0.5 24.1 -14.5
Apr 89.5 111.2 -1.1 +2.0 83.5 103.8 15.5 5.4 9.4 0.5 30.8 +9.6

R Revised

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 BERMUDA RETAIL SALES INDEX

Table 2 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

Period Retail Stores Stores 4 Stores 5 Vehicle Stores Stations Material Stores Stores Store Types

Index % Index % Index % Index % Index % Index % Index % Index %

2023
R
Apr 90.5 -3.9 87.0 -7.9 77.4 -6.1 72.2 -31.6 89.8 +2.0 118.5 -9.7 56.0 +12.9 89.9 +1.2

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
Nov 91.7 -1.2 86.2 -2.2 77.7 -6.4 76.8 -14.1 87.1 +1.2 96.5 -6.0 72.6 +4.8 98.2 +2.6
Dec 104.5 -2.3 96.6 -0.2 105.5 -0.8 71.7 +3.3 87.0 +3.8 86.8 -3.0 127.1 -6.1 110.9 -6.0
2024
Jan 87.2 +4.7 84.6 +1.9 69.8 -4.9 99.4 +25.2 80.8 +1.9 111.9 +31.3 49.4 +7.9 84.9 +1.2
Feb 80.3 +0.6 81.3 +2.8 72.7 -4.8 68.7 -17.5 79.7 +5.0 95.4 -0.1 38.9 -5.1 78.0 +2.6
Mar 83.6 -0.2 88.3 -1.1 86.9 -0.7 91.8 +1.7 84.5 +1.0 126.8 -5.0 56.0 -0.4 86.8 +0.6
Apr 89.5 -1.1 84.5 -2.9 69.4 -10.3 104.0 +44.0 87.5 -2.6 120.2 +1.4 46.4 -17.1 87.5 -2.7

Table 3 Local Retail Sales Index and Per Cent Changes

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

Total Food Liquor Motor Service Building Apparel All Other

Period Retail Stores Stores4 Stores 5 Vehicle Stores Stations Material Stores Stores Store Types

Index % Index % Index % Index % Index % Index % Index % Index %

2023

R
Apr 109.0 +1.3 120.0 +3.3 98.9 -2.1 74.3 -30.3 110.4 +2.1 123.1 -8.2 61.9 +15.1 113.7 +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 +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 +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 +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
Nov 112.3 +1.5 121 +1.3 98.6 -3.2 80.0 -12.9 106.3 +0.5 101.4 -4.9 80.5 +3.2 127.8 +6.9
Dec 127.4 0.0 135.1 +3.1 133.4 +2.3 75.6 +6.0 101.7 -1.3 91.2 -1.8 140.9 -7.5 144.4 -2.1
2024
Jan 106.6 +7.1 118.9 +4.7 88.2 -3.8 104.4 +28.1 94.5 -0.8 117.6 +33.0 56.1 +8.3 110.5 +5.2
Feb 98.8 +4.0 115.5 +7.0 92.3 -3.2 72.5 -15.2 93.2 +2.9 100.8 +1.6 44.2 -4.5 103.0 +7.6
Mar 103.5 +2.8 126.3 +3.3 111.4 +1.4 96.9 +4.5 101.7 -0.8 134.0 -3.4 63.6 +0.2 114.7 +5.0
Apr 111.2 +2.0 121.3 +1.1 89.2 -9.8 109.8 +47.8 108.1 -2.1 127.0 +3.2 53.4 -13.7 114.4 +0.6

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 The yearly series reflect annual changes.

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 BERMUDA RETAIL SALES INDEX

EXPLANATORY NOTES
The Retail Sales Index (RSI) was first developed in 1982. It is a key economic indicator used to assess
the current performance of sales activity in the local retail sector of the economy. The RSI is based on a
matched sample of reporting local retail stores. The sales data are collected from these stores via a
monthly survey.

The RSI is a self-weighting index. This means that stores reporting a large value of sales have a greater
impact on the movement of the index than stores reporting a low level of sales activity.

The RSI serves to:

1 2 3 3
2

Measure Act as a
Provide an
monthly and barometer of
estimated gross
annual change in the
turnover of sales
movements of level of demand
in the local retail
retail sales for both the
sector
domestic and
tourist markets

The index is structured into seven broad sectors:

Food Stores Building Material Stores

Liquor Stores Apparel Stores

Motor Vehicle Stores All Other Store Types

Service Stations

Total retail stores across the seven sectors represent roughly 70% of all retail activity on the Island.
The base period 2015 recorded a gross turnover in retail sales of $1.1 billion.

Retail outlets that participate in the retail sales survey and trade in similar types of goods are grouped
into these seven sectors. It is important to note that sector classifications are not interchangeable with
commodity classifications. This is because most retail outlets sell several kinds of commodities.

The sector classification reflects generally the individual commodity or the commodity group, which is
the primary source of the establishment’s receipts, or some mixture of commodities, which
characterizes the establishment’s business.

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 BERMUDA RETAIL SALES INDEX

CONCEPTS AND DEFINITIONS

Base Period
This is the time period used as a reference point for measuring the shift in the value of
retail sales. The base period for the Bermuda RSI is 2015.

Estimated Gross Turnover

Estimated gross turnover is the total value of retail sales generated in the retail sector. It
is calculated by applying the all-items index number for the current month to the average
monthly sales figure determined in the base year.

Gross Sales
Gross sales (volume and value) are sales for which no deductions have been made for
the return of merchandise, allowances and discounts.

Retail Establishment
A retail establishment is one that operates at a fixed place of business and is engaged in
sales activities to attract the general public to buy merchandise.

Retail Trade
Retail trade is the sector of the economy that includes establishments that are engaged
in the sale of merchandise for personal or household consumption and in the rendering
of services that are incidental to the sale of the merchandise.

Selected Overseas Declarations

Overseas declarations reflect the value of goods declared, whether for personal or
business use, by returning residents via the airport, imports via couriers, imports via the
Bermuda Post Office and the value of non-commercial imports by households via sea.

Value Sales
The dollar value of a quantity of goods and services sold for cash or credit. Sales
include the amounts received from customers for: immediate and layaway purchases;
rentals; installations; maintenance; repairs and alterations.

Volume Sales
The dollar value of a quantity of goods and services sold at current retail market prices
adjusted to eliminate the effect of price change.

September 2024

Cedar Park Centre, 48 Cedar Avenue, Hamilton HM 11

P.O. Box HM 3015, Hamilton HM MX, Bermuda
Tel: (441) 297 - 7761, Fax: (441) 295 - 8390
www.gov.bm/department/statistics
[email protected]
@BERMUDASTATS