Car sales jumped 19 percent in March
Shiny new wheels had a lot to do with the improved fortunes of Bermuda?s retail sector in March with a boost in motor sales playing a large part in consumer spending increases to $53 million.
A surge in motor vehicle sales for the second month in a row ? up 19 percent in both February and March compared to a 24 percent decline in January ? had a strong positive effect on overall retail results, according to Government figures released yesterday.
Retail Sales Index (RSI) figures for March showed total consumer purchases increasing by 3.4 percent after consideration of 4.1 percent inflation during the month.
Vehicle showrooms stocking a wide variety of new models propelled sales for this sector, with the RSI report saying new car sales were particularly strong.
Shopkeepers said sales in general got a helping hand from the Easter holiday falling about a fortnight earlier than usual.
Somers Cooper, co-chairman of the Chamber of Commerce?s retail sales division, said the holiday falling in March this year had proved a boon particularly for clothing, footwear and accessories outlets. Sales in this area increased 2.8 percent, an improvement diminished by the already reported increase of 1.8 percent price jump for these items. However, this was a significant improvement over the 5.8 percent decline reported in February.
Grocers also benefited from the timing of Easter with sales of foodstuffs rising 6.9 percent, although prices at the grocery store were higher by 2.6 percent during the period.
Building and hardware outlets were the only ones who did not see more money coming in at the cash register in March, with all other retail sectors seeing higher rates of growth during the period.
Government?s report said the upturn followed ?a weak start to the 2005 retail year?.
Also good news for retailers was overseas spending by residents increasing by 9.9 percent, breaking the recent trend of spikes in purchases abroad.
Residents declared $3.55 million in purchases when returning from trips off the Island, with this comparing to overseas sales shooting up 18.4 percent in February and 32.5 percent in January.