Thailand
Brunei’s retail sales increased in Q3 2022 due to rise of domestic demand
In the third quarter (Q3) 2022, the performance of the retail sales showed a year-on-year increase of 4.8 per cent with an estimated value increased from BND407.4 million to BND427.0 million.
In terms of volume, the retail sales also recorded a positive growth of 2.4 per cent year-on-year.
The increase in retail sales was mainly caused by an increase in sales of textiles, wearing apparel and footwear by 36.5 per cent, followed by sales of hardware, paints and glass in specialised stores 27.3 per cent; sales at petrol station 22.8 per cent; and sales of watches and jewellery 22.8 per cent.
The increase was due to the rise in domestic demand in line with the reduction in control measures following the cessation of the COVID-19 early endemic phase as opposed to the Q3 in the previous year, in which most movement restrictions were reinstated to control the spread of COVID-19. In addition, the sales volume of these retail activities also registered an increase.
As for the food and beverages services, it has increased by 30.1 per cent compared to Q3 2021 with an estimated sales revenue increased from BND81.1 million to BND105.5 million. In terms of volume, food and beverages activity also recorded a positive growth of 26.0 per cent year-on-year.
The increase in sales revenue of food and beverages was mainly attributed by the increase in the sales revenue of restaurants by 39.7 per cent, followed by the increase in sales revenue of fast-food outlets by 32.1 per cent; catering service activities 8.7 per cent; and beverage serving activities 6.3 per cent.
The increase was due to the no dine-in capacity limitations since early June 2022.
Compared to the second quarter (Q2) 2022, the retail sales in Q3 2022 has recorded a decrease of 8.8 per cent mainly due to a decrease in the sales of textiles, wearing apparel and footwear by 33.8 per cent; sales of electrical household appliances and lighting equipment in specialised stores 22.9 per cent; sales of computer and telecommunications equipment 17.8 per cent; sales at department store 12.2 per cent; and sales at supermarket 5.9 per cent.
Furthermore, the sales volume of these retail activities also registered a decline.
As for the food and beverage services, it has recorded an increase of 6.9 per cent in Q3 2022 compared to Q2 2022 mainly due to the increase in sales revenue of catering service activities by 44.1 per cent; fast-food outlets 16.5 per cent; and restaurants by 4.7 per cent.
Retail Sales Index (RSI) and Food & 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 Department of Economic Planning and Statistic’s website: https://deps.mofe.gov.bn.
Source: https://borneobulletin.com.bn/bruneis-retail-sales-increased-in-q3-2022-due-to-rise-of-domestic-demand/