RETAIL

SALES INDEX
FEBRUARY 2025

LOCAL RETAIL SALES

Sales Volume Index Increased 0.6 Per Cent
After adjusting for the retail sales rate of inflation, measured at 2.1 per cent in February, the overall volume of
retail sales index increased 0.6 per cent when compared to February 2024.

Figure 1 February Local Retail Sales Value and Volume

Indices 2020-2025

120
98.2 101.0
94.0 94.1 95.0
100 88.6
Index Number

80 82.6 86.5 82.7 79.8 80.3

79.8
60
Value
40 Volume

20

0
2020 2021 2022 2023 2024 2025

Five of the seven sectors recorded year-to-year sales volume increases while four sectors recorded value
index increases during February 2025. In value terms, retail sales increased to an estimated $94.3 million,
which represented a 2.9 per cent growth in sales value year-to-year. Excluding Sundays, there were 24
shopping days, one less than February 2024.

Figure 2 February 2025 Retail Sales Value and Volume Indices Percentage Change by Sector
Year-Over-Year

40
Index Percentage Change

30.8 31.8
30 Value
Volume
20

10 5.0
2.3 2.1 2.3 1.7
-8.4 -5.5 0.2 0.3
0
-1.9
-2.4 -4.3
-10
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 increased Stores decreased 8.4 per sales volume and value
2.3 per cent, while its cent, while its sales value increased by 30.8 per cent
sales value increased 5.0 decreased 5.5 per cent. and 31.8 per cent,
per cent. respectively when compared
to February 2024.

Figure 3
Building Material Apparel Stores All Other Store
Service Stations
Stores Types
All Other Store Types’ sales
The sales volume for The sales volume of The volume of sales
volume increased by 1.7 per
Service Stations Building Material Stores for Apparel Stores cent. In value terms, sales for
decreased 2.4 per increased by 0.2 per increased 0.3 per cent. this sector decreased by 4.3 per
cent. Sales for boat and marine
cent. In value terms, cent. The value of sales The value of Apparel supplies increased 71.8 per
the sales in February increased by 2.1 per Stores sales increased cent. Appliances and
electronics sales increased 1.3
2025 decreased 1.9 cent. 2.3 per cent. per cent. Sales at pharmacies
per cent. decreased by 7.1 per cent.
Sales of miscellaneous goods
decreased 8.2 per cent. Gross
receipts from furniture sales
decreased 22.0 per cent.

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 BERMUDA RETAIL SALES INDEX

Figure 3 February Selected Overseas Declarations Values

2020-2025

25
24.0 23.8
22.1 22.1
20 20.9
16.4
$ Millions

15

10

0
2020 2021 2022 2023 2024 2025

SELECTED OVERSEAS DECLARATIONS (VALUE)

Overseas declarations decreased 0.8 per cent compared to February 2024. Imports via courier decreased
$0.2 million to $12.9 million. Imports by households via sea decreased $0.1 million to $7.0 million.
Declarations at the airport by returning residents remained the same at $3.4 million. Imports via the
Bermuda Post Office increased $0.1 million to $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
2024
R
Feb 79.8 98.2 +0.6 3.4 74.4 91.6 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
May 99.3 123.2 +2.1 +5.1 92.8 115.0 14.4 5.1 8.9 0.5 28.9 -4.3
Jun 95.2 119.0 -2.3 +0.8 88.9 111.0 14.4 4.3 18.4 0.5 37.6 +47.5
Jul 100.3 125.8 -1.5 +1.9 93.6 117.4 22.7 4.3 9.9 0.5 37.4 +26.8
Aug 83.7 104.7 -5.4 -2.9 78.1 97.7 12.5 6.5 7.1 0.5 26.6 +3.5
Sep 86.5 107.9 -0.9 +1.4 80.8 100.7 16.5 4.7 7.9 0.5 29.6 +38.3
Oct 89.5 111.6 +1.4 +3.4 83.5 104.1 16.0 5.2 8.6 0.6 30.4 +11.4
Nov 92.4 114.9 +0.8 +2.3 86.2 107.2 16.7 5.5 9.3 0.7 32.2 -0.9
Dec 103.4 128.8 -0.6 +1.6 96.5 120.2 20.0 7.2 12.2 0.6 40.0 +25.8
2025
Jan 87.1 109.1 -0.2 +2.0 81.3 101.8 12.9 4.7 7.0 0.7 25.3 +5.4
Feb 80.3 101.0 0.6 2.9 75.0 94.3 12.9 3.4 7.0 0.5 23.8 -0.8

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

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

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

2024
R
Feb 79.8 +0.0 80.9 +2.3 67.5 -11.6 68.8 -17.4 78.5 +3.4 98.1 +2.7 38.9 -5.1 77.5 +2.0
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
May 99.3 +2.1 90.8 -0.2 87.7 -1.6 111.1 +6.2 98.3 +2.1 125.4 +12.8 61.6 +2.2 99.5 +3.8
Jun 95.2 -2.3 91.7 +1.1 92.3 -1.6 77.0 +6.9 108.9 +1.2 112.3 -8.3 99.5 -1.6 96.5 -8.6
Jul 100.3 -1.5 95.5 +1.5 100.0 +0.1 77.6 -5.8 125.1 +4.6 93.3 -24.4 61.2 -6.1 103.8 -0.9
Aug 83.7 -5.4 83.4 -3.7 86.2 -3.7 61.6 -3.1 99.3 -1.5 98.1 +5.4 47.5 -14.3 80.1 -9.1
Sep 86.5 -0.9 85.1 +1.8 69.6 -10.3 80.8 +0.6 93.9 +1.1 90.1 -12.0 55.0 -3.8 86.3 +0.2
Oct 89.5 +1.4 91.2 +3.8 74.0 -2.5 89.6 -1.1 92.6 +2.3 110.8 +13.4 51.0 +3.9 83.3 -1.9
Nov 92.4 +0.8 88.7 +2.5 75.6 +2.9 73.3 -4.9 87.3 +0.2 119.9 +24.6 72.1 -0.7 96.3 -1.9
Dec 103.4 -0.6 92.7 -3.1 96.9 -4.3 85.7 +20.4 98.3 +12.6 81.8 -6.5 120.5 -5.6 111.4 +0.5
2025
Jan 87.1 -0.2 95.9 +12.7 59.7 +4.7 86.9 -12.7 75.0 -6.9 95.7 -14.5 45.9 -6.5 80.4 -6.3
Feb 80.3 +0.6 82.8 +2.3 61.8 -8.4 90.0 +30.8 76.6 -2.4 98.3 +0.2 39.0 +0.3 78.8 +1.7

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

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

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

2024
R
Feb 98.2 +3.4 115.0 +6.6 85.7 -10.2 72.6 -15.1 91.8 +1.3 103.7 +4.5 44.2 -4.5 102.3 +6.9
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
May 123.2 +5.1 129.6 +3.6 112.4 -1.2 117.3 +8.9 121.6 +2.7 133.1 +15.2 71.0 +6.6 130.2 +6.1
Jun 119.0 +0.8 132.0 +6.4 118.6 -1.2 81.4 +9.3 133.9 +1.2 119.2 -6.4 114.6 +2.6 126.4 -7.0
Jul 125.8 +1.9 138.7 +7.4 128.2 +0.6 82.2 -3.7 151.9 +3.4 99.0 -22.8 70.9 -1.5 135.9 +1.0
Aug 104.7 -2.9 119.7 -0.4 111.2 -3.1 65.2 -1.4 120.5 -2.7 104.1 +6.4 55.1 -10.0 105.3 -7.3
Sep 107.9 +1.4 122.0 +4.7 89.8 -10.2 85.5 +2.4 111.6 -2.3 95.6 -11.2 63.8 +0.9 113.0 +1.6
Oct 111.6 +3.4 130.8 +6.2 95.6 -1.8 95.2 +1.1 109.7 -1.3 117.6 +14.5 58.8 +7.9 109.2 -0.5
Nov 114.9 +2.3 126.8 +4.4 98.0 +5.0 77.9 -3.0 101.3 -4.7 127.2 +25.8 83.2 +3.4 126.1 -1.3
Dec 128.8 +1.6 132.6 -0.9 125.6 -1.9 91.1 +21.3 114.3 +11.9 86.8 -5.7 139.1 -1.7 146.0 +1.1
2025
Jan 109.1 +2.0 138.6 +15.1 77.8 +7.0 92.4 -11.6 87.6 -7.0 101.5 -13.7 53.2 -4.7 105.6 -5.5
Feb 101.0 +2.9 120.8 +5.0 81.0 -5.5 95.7 +31.8 90.1 -1.9 105.9 +2.1 45.2 +2.3 97.9 -4.3

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 Materials 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.

June 2025

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