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Retail sales volume falls for 17th month

September was the 17th successive month of falling retail sales volume, Government statistics revealed yesterday.

Around $87 million was spent on retail goods - a fall of $7 million compared to September 2008 - as the pain continued for storekeepers.

Retail sales volume - which takes inflation into account - fell by seven percent.

Weak demand hit the motor vehicle sector especially hard, as revenues in this sector plunged 24 percent.

Apparel stores have suffered more than most and September revenue was 9.6 percent lower than a year earlier. But this was the first time in ten months that the decline has not been a double-digit fall.

But food stores bucked the trend, seeing a 5.6 percent increase in revenue that mirrored a similar rise in food prices during the month.

The construction industry is expected to contract sharply as several major building projects reach completion. And the figures contained further evidence that the slowdown is already happening, as sales at building material stores fell four percent in September.

Revenue in this sector has fallen every month in 2009, bar March and July and, according to the commentary from the Department of Statistics, September's fall "reflected the general construction slowdown Island-wide and the resulting lower demand for building materials".

As fuel prices dropped, so did sales at gas stations in September. The 11 percent fall in service station revenue was directly related to the 15 percent fall in the price of fuel. Shorter opening hours at some stations were also a factor.

Although residents spent less at home during September they spent more overseas. Residents returning by air declared $6.2 million, up 12.7 percent from the $5.5 million they declared a year earlier.