Retail sales fell for a fifth consecutive month, down 4.9 per cent in July after adjusting for retail sector inflation at 3.3 per cent.

The absence of the America’s Cup and its associated merchandise was attributed as a reason for the 16.3 per cent decline in sales volume for apparel stores during the month when compared with July 2017. In value terms, sales revenue for apparel stores decreased 13.5 per cent.

Six of the seven retail sectors recorded declines in sales volume in July, with motor vehicle stores recording the largest sales volume decrease of 20.8 per cent. In contrast, building material stores increased 11.7 per cent.

In value terms, retail sales declined 1.7 per cent to an estimated $104.7 million. Returning residents declared overseas purchases valued at $4.6 million, which was 35.3 per cent higher than July 2017. This contributed to a combined local and overseas spending of $109.3 million.

During July, the volume of fuel sales for service stations fell 10.3 per cent. The value of fuel sales declined 1.6 per cent. Lower demand for fuel was mostly attributed to the 9.6 per cent increase in price.

The volume of sales for the “all other stores” sector contracted 6.1 per cent. In value terms, the sector recorded a decrease in sales of 2.8 per cent. Revenue for marine and boat suppliers dropped 42.7 per cent as a result of fewer boat sales. Sales of furniture, appliances and electronics declined 2.6 per cent. In contrast, retailers of miscellaneous goods increased 0.6 per cent, while sales at pharmacies were 3.1 per cent higher.

The volume of sales for food stores and liquor stores both contracted 0.7 per cent. In value terms, sales at food stores rose 0.6 per cent, while liquor sales increased 2.3 per cent.

The sale of building materials rose 11.7 per cent in volume terms. The rise in the sales volume reflected higher demand for construction supplies for commercial projects and increased contract sales. In value terms, sales receipts increased 11.8 per cent.

Residents declared $4.6 million in overseas purchases during the month, rising 35.3 per cent year-on-year. The increase was due mostly to higher outlays for clothing and footwear and duty-free items.