Local retail sales fell for the 14th consecutive month as consumers continued to tighten their purse strings in response to difficult economic conditions.

Figures released by Government today revealed that retail sales totalled an estimated $89.4 million in May — $3.5 million, or 3.8 percent, less than the same month last year.

Sales volume, which also takes into account the impact of inflation on prices, fell 5.5 percent, according to the Retail Sales Index.

Building materials stores suffered the steepest fall of any sector, with a sales dipping 21 percent in May, year on year, reflecting the slowdown in construction activity.

Overseas purchases declared by returning residents also plunged by 12.3 percent to $6.4 million.

Read more in tomorrow's Business section