RETAIL SALES INDEX

AUGUST 2023

LOCAL RETAIL SALES

Sales Volume Index Decreased 3.4 Per Cent In value terms, retail sales increased to an estimated
$100.0 million, which represented a 0.4 per cent rise
After adjusting for the retail sales rate of inflation, in sales value year-to-year.
measured at 3.9 per cent in August, the overall vol-
ume of retail sales index decreased 3.4 per cent Excluding Sundays, there were 25 shopping days,
when compared to August 2022. two less than in August 2022.
Six of the seven sectors recorded year-to-year sales
volume index decreases while four of the sectors
recorded sales value index decreases during August
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
Aug 91.1R 106.8R -5.6R 0.0R 85.1R 99.7R 17.6R 5.9 7.8 0.5 31.8R +14.4R
Sep 88.6 107.7 -1.8 +4.3 82.7 97.5 12.6 4.0 6.9 0.5 24.0 -0.4
Oct 89.6 105.8 -0.2 +5.6 83.7 98.8 18.0 2.8 8.7 0.4 29.9 +19.7
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
 RETAIL SALES INDEX — AUGUST 2023

YEAR-OVER-YEAR INDICES ANALYSIS

Food Stores Selected Overseas Declarations (Value)

The sales volume for Food Stores fell 1.5 per cent, Overseas declarations decreased 19.2 per cent com-
while its sales value increased 6.0 per cent. This pared to August 2022. Imports via courier decreased
was partially a result of the 5.6 per cent increase in $5.8 million to $11.8 million. This decrease was
the cost of food. attributed to the lower importations of printed
books, newspapers, pictures and other products of
the printing industry; manuscripts, typescripts and
Liquor Stores plans. Imports by households via sea decreased $0.4
million to $7.4 million. Declarations at the airport
The sales volume for Liquor Stores fell 1.9 per cent, by returning residents increased $0.2 million to $6.1
while its sales value increased 2.4 per cent. million. Imports via the Bermuda Post Office de-
creased $0.1 million to $0.4 million.
Motor Vehicle Stores
The Motor Vehicle Stores sales volume fell by 20.2
per cent. In value terms, the sales in August 2023
were 18.3 per cent below the levels recorded in Au-
gust 2022.

Service Stations
The sales volume and value for Service Stations in-
creased 2.9 per cent.

Building Material Stores

The sales volume and value of Building Materials
Stores decreased 7.9 per cent and 6.8 per cent, re-
spectively.

Apparel Stores
The volume of sales for Apparel Stores declined 4.3
per cent. The value of Apparel Store sales decreased
by 4.5 per cent during August 2023.

All Other Store Types

During August 2023, the sales volume for the All
Other Stores Types decreased by 7.5 per cent. In
value terms, sales for this sector was 2.5 per cent
lower. Sales of miscellaneous goods fell by 13.0 per
cent. Gross receipts from furniture sales decreased
12.1 per cent. Appliances and electronics sales de-
creased 1.4 per cent. Sales for boat and marine sup-
plies increased 63.4 per cent.

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 RETAIL SALES INDEX — AUGUST 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
Aug 91.1R -5.6R 85.4R -9.9R 88.7R +1.0R 78.7 -20.5 99.3 -1.3 102.7R -2.9R 57.8 +0.7 95.6 -6.3
Sep 88.6 -1.8 84.8 -10.2 86.9 +3.5 91.8 -6.2 91.5 +6.8 112.3 +10.2 54.1 +12.0 87.1 -3.4
Oct 89.6 -0.2 93.4 -9.1 87.6 -4.7 75.0 -5.3 89.4 +5.7 106.5 -1.8 54.4 +13.8 92.7 +3.0
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

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
Aug 106.8R 0.0R 110.2R 0.0R 108.9R 0.0R 79.9 -19.0 122.1 +3.7 106.6 -1.3 64.0 +3.2 116.9 +2.7
Sep 107.7 +4.3 120.3 +1.3 113.8 +4.0 93.3 -4.3 112.5 +12.6 116.5 +12.0 59.9 +14.8 106.5 +5.6
Oct 105.8 +5.6 123.1 +2.0 107.8 -3.8 77.1 -2.9 109.9 +8.9 110.5 -0.2 60.2 +16.4 115.9 +13.5
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
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 — AUGUST 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
December 2023
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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