Black Friday sales spur retail sales growth

Are better days ahead?

The Retail Sales Index was up 4.7 per cent in November, the largest increase this year. It was the second straight month that the Department of Statistics’ RSI was up, following on October’s 0.1 per cent rise.

Even after adjusting for inflation, the volume of sales was up 3.7 per cent.

The Motor Vehicles Sector helped spur the economy with a jump of 27.6 per cent.

Black Friday sales helped spur a double-digit sales increase in the Apparel Stores Sector. Retailers were able to record a 10.7 per cent increase.

The Food and Liquor Stores sector was up 3.5 per cent on year-on-year sales. This was helped by a 2.5 per cent increase in food prices. Liquor store sales were down 0.4 per cent.

The Building Material Stores sector registered a rare increase as it edged up 0.2 per cent. This was due to a demand for supplies used in building completion work such as tiling and painting. The last increase was in July 2012.

Gross receipts for tourist-related stores was up 19 per cent.

The Service Stations sector saw a 7.1 per cent decline. This decrease reflected a 4.7 per cent drop in fuel prices when compared to November 2012.

Residents declared $6.1 million when returning to the island. This was nine per cent less. People spent less on clothing, electronics and photographic equipment.