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Brunei retail sales show 3.9pc decrease in Q1
In Q1 2022, the performance of the retail sales showed a year-on-year (y-o-y) decrease of 3.9 per cent with an estimated value decreased from BND468.5 million to BND450.1 million.
In terms of volume, the retail sales also recorded a negative growth of 8.4 per cent y-o-y, said the Department of Economic Planning and Statistics (DEPS) in a report yesterday.
The decline in retail sales was mainly caused by a drop in sales at petrol stations by 21.7 per cent, due to lack of domestic demand amid limited movements following online learning and teaching as well as work-from-home arrangements. This was followed by the decrease in the sales in department stores by 5.6 per cent, sales of others 12.5 per cent, sales of textiles, wearing apparel and footwear 19.7 per cent, and sales of hardware, paints and glass in specialised stores 10.9 per cent. In addition, the sales volume of these retail activities also registered a decrease.
As for the food and beverages services, it has also decreased by 10.3 per cent compared to Q1 2021 with an estimated sales revenue decreased from BND104.0 million to BND93.3 million. In terms of volume, food and beverages activity also recorded a negative growth of 10.6 per cent y-o-y.
The decline in sales revenue of food and beverages was mainly attributed to a decline in the sales revenue of restaurants by 12.6 per cent as a result of dine-in capacity limitations at 75 per cent compared to full capacity in quarter one of the previous year which was also in line with lower sales volume. This was followed by the decline in the sales revenue of fast-food outlets by 5.7 per cent, catering service activities 15 per cent, beverage serving activities 12.7 per cent, and other food service activities 1.5 per cent.
Compared to Q4 2021, the retail sales in Q1 2022 recorded an increase of 4.8 per cent mainly due to an increase in the sales in department store by 6.7 per cent, sales of textiles, wearing apparel and footwear 44.1 per cent, sales in petrol station 14.6 per cent, sales of watches and jewellery 18.1 per cent, and sales in supermarket 4.1 per cent.
As for the food and beverage services, it has also recorded an increase of 19.3 per cent in Q1 2022 compared to Q4 2021 mainly due to the increase in sales revenue of restaurants by 24.4 per cent, fast-food outlets 14.0 per cent, other food service activities 9.6 per cent, catering service activities 6.3 per cent, and beverage serving activities 6.8 per cent.
Compared to Q4 2021, the increase in retail sales and food and beverage services activities was in line with the rise in domestic demand as most control measures were reduced, such as increasing the capacity for the entry of customers into business premises from 50 per cent to 75 per cent following the transition to the COVID-19 endemic phase.
Retail Sales Index (RSI) and Food and Beverages Services Index (F&BSI) are preliminary indicators of economic performance for both activities and provides an outlook for consumer spending trends in Brunei Darussalam on a quarterly basis.
Full reports of both activities are available from the DEPS’ website.
Source: https://borneobulletin.com.bn/brunei-retail-sales-show-3-9pc-decrease-in-q1/