Local sales increased by 5.9 percent $4.26m spent overseas Bermudians have hit record heights in spending with an estimated $71.5 million handed over in shops in the Island in the month of December according to the latest Government statistics.

The Christmas boom saw a further $4.26 million declared by Bermudians returning from abroad, bringing the amount spent here and abroad to $75.76 million.

The number of sales increased on the Island by 5.9 percent compared to the same month last year.

The biggest increase in spending was in the food stores, where sales went up 11.1 percent, closely followed by an increase in the sales of motor vehicles, up 8.9 percent on the same month last year.

Individual dealers, however, recorded mixed results depending on their stock levels. Petrol sales were also up.

There was no increase in the amount of sales in liquor stores but the Ministry of Finance says this may be due to low response rate from shops.

There was an increase of 3.3 percent in the general stores category. While appliance sales were up, furniture and hardware sales were down. Sales in department stores as well as those in smaller shops catering to he local market were marginally up. Sales in stores which cater mainly to tourists were down. Sales of pharmaceuticals went up.

After adjusting for inflation, which stands at 2.8 percent, the volume of sales increased 3.1 percent for the month.

There were 25 shopping days in December, with three Saturdays, the same as in 1998 when spending reached $67.4 million.

Declared spending on overseas purchases was also up on last year by 14.5 percent. to $4.26 million. However this amount does not top the record-breaking amount spent in November 1999 which stood at $5.06 million.

In December 1998 returning residents declared $3.72 million. In 1999 the lowest spent abroad was in March when $1.86 million worth of goods were declared.

For the year of 1999, the total value of retail sales stood at $597.3 million, 5.3 percent more than in 1998. After adjusting for inflation, the volume of sales increased by 2.9 percent.

Eugene Cox CHART RETAIL SALES VALUE INDEX The index in currently based on a matched sample of reporting store-types whose retain sales are estimated to represent about 66% of total retail sales in Bermuda. Their combined average monthly sales in the 1980 base year were approximately $15.6 million.

REAL SALES INDEX