Retail sales up on Fay, Gonzalo
Hurricanes Fay and Gonzalo drove the Retail Sales Index up for October, according to figures and analysis released this morning.
The Department of Statistics reported that retail sales for the month were 4.4 per cent higher than the $82.2 million recorded in October 2013.
Some five out of the seven retail sectors experienced increases.
The Department of Statistics report stated: “Higher sales levels were due primarily to increased demand as consumers prepared for Hurricanes Fay and Gonzalo.
“Liquor stores recorded the strongest increase in sales of 16.3 per cent.
“In contrast, apparel stores registered the largest decrease in sales of 19.6 per cent.”
It added that returning residents declared overseas purchases valued at $4.3 million, 4.9 per cent higher than in October 2013. This contributed to a combined local and overseas spending total of $90.0 million.
After adjusting for the annual retail sales rate of inflation, measured at 2.2 per cent in October, the volume of retail sales increased by 2.0 per cent.