Today, the Ministry of Economy and Labour released the March 2023 Retail Sales Index (attached).
March’s volume of Retail Sales Index decreased 5.4 per cent compared to last year. In value terms, retail sales increased to an estimated $101.9 million.
Five of the seven sectors recorded year-over-year volume sales index decreases in March 2023 as follows:
- The sales volume for Building Material Stores decreased 15.9 per cent. The sales volume for this sector was 6.0 per cent below the March 2019 pre-pandemic sales level.
- In the All Other Store Types sector (comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods), there was a 10.8 per cent decrease in sales volume. The sales volume for this sector was 4.1 per cent below the index as of March 2019.
- The sales volume for Food Stores fell 9.7 per cent. Food Store’s sales volume decreased 10.2 per cent compared to March 2019.
- Liquor Stores’ sales volume fell 2.0 per cent and was 6.5 per cent higher than in March 2019.
- Service Stations’ sales volume decreased 7.3 per cent and was 11.5 per cent below the level in March 2019.
The following sectors experienced an increase in their sales volume index compared to the previous year:
- Motor Vehicle Stores’ sales volume rose 21.6 per cent. The sales level was 17.6 per cent above the pre-pandemic sales volume of March 2019.
- The sales volume at Apparel Stores rose 2.0 per cent and was 12.5 per cent below March 2019.
Selected overseas declarations increased 11.0 per cent compared to March 2022 and were 70.9 per cent higher when compared to March 2019.
The public can review the full March 2023 Retail Sales Index report at https://www.gov.bm/retail-sales-index-rsi.