Islanders still holding back on spending

They are suffering one of the longest recessions recorded as sales declined for the 16th straight month.

People spent $94.7 million in July 2010 — $6 million, or six per cent, less than the same period last year, Government figures show.

This is the second worst decline of 2010.

Overall, sales are down by $21.3 million in 2010.

The Department of Statistics’ December 2009 report gives the retails sales estimate for January through to July as $84.4 million, $76.8 million, $88.5 million, $92.3 million, $89.6 million, $95.4 million and $100.2 million — a total of $627.1.

The July 2010 report lists the monthly sales figures from January to July as $78 million, $75.5 million, $89.4 million, $85.7 million, $89.4 million, $93.1 million, $94.7 million — a total of $605.8 million and a drop of $21.3 million.

After taking inflation into account — recorded at 2.4 per cent in July — the volume of retail sales in July 2010 contracted by 8.1 per cent.

As major construction projects come to a close, building material sales fell 27.7 per cent compared with the same month last year.

This performance marks a year of continuous negative sales within the sector and sales are below pre-2004 levels.

Slumping even worse was motor vehicle sales, down 33 per cent, while marine and boat supplies retailers’ sales plunged 15.2 per cent.

Food store receipts increased by one per cent — but this can be attributed to food prices rising by 3.1 per cent.

Liquor sales were up by 3.3 per cent, while sales revenue at apparel stores fell by one per cent.

Service stations reported a sales increase of 1.6 per cent but fuel prices are 4.4 per cent higher than the same period last year, meaning there has actually been a decrease in sales volume.

If there was any good news in the report, tourism related sales were up 24.3 per cent from 2009.