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Retail sales dip in October

Tough times: Retail sales were down in October (Photo by Akil Simmons)

Overall consumer retail spending was down in October, with car sales plummeting by more than 40 percent.This, according to the retail sales publication distributed by the Department of Statistics.Meanwhile, apparel stores, building materials and service stations all saw an increase in sales.Consumers spent an estimated $81.7 million on retail goods during October a decrease of $2.5 million, or three percent, when compared to the same period last year. Retail sales volume, which is adjusted for inflation, was down by 6.5 percent, the 42nd consecutive monthly decline.Building materials recorded the strongest growth with an increase in sales of 25.3 percent along with apparel stores, up 3.3 percent, and service stations, up 0.6 percent.Building suppliers attributed their growth to sales of discounted building material supplies and sales linked to major building contracts. Retailers saw growth due to continuous sales of discounted items throughout the month and the early purchase of winter school uniforms.Car dealers saw the largest decrease in sales, 40.6 percent with a drop in both cars (down 38 percent) and bikes (down 16.7 percent).Food and liquor sales also dropped, however, overseas spending increased slightly.Residents’ overseas purchases totalled $5.7 million. This represented growth of 1.8 percent, year-over-year. Increased spending on tools, machinery and parts, electronics and clothing and footwear were the main contributors to this moderate rise in overseas purchases.