Retail sales rise for fourth month in five
Retail sales rose for the fourth month in five in February, raising hopes of better times ahead for Bermuda stores.
Total retail sales in February 2014 climbed 1.4 percent, according to the Department of Statistics’ Retail Sales Index, released today.
Retail sales volume, which accounts for the one percent rate of inflation in February, rose 0.3 percent.
Consumers spent an estimated $71.2 million on retail goods during the month.
Motor vehicle retailers registered the largest increase in sales of 42.3 percent, as sales of both cars and motorcycles increased.
In contrast, retailers of apparel stores reported the largest decrease in sales of five percent, as consumer demand slumped.
Building materials stores edged up 0.2 percent as growth in demand for hardware supplies offset the decline in receipts resulting from a slowdown in major construction projects.
Overseas purchases being declared by returning residents totalled $3 million, down 11.8 percent from the same month in 2013, largely as a result of lower outlays on clothing and footwear, according to the Department of Statistics. That meant February was ninth month out of the past ten in which declared overseas purchases fell year over year.
There were 24 shopping days during the month, the same as in February 2013.