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America’s Cup fuels rise in retail sales

Huge event: the America's Cup sparked a surge in retail sales in June

Retail sales surged 9.1 per cent in June, as the America’s Cup boosted takings at the tills.

Total sales in Bermuda amounted to $112.2 million, up from $102.8 million in June 2016, according to the Department of Statistics Retail Sales Index.

Thousands of visitors came in for the world’s most prestigious sailing event, with racing on the Great Sound viewed by large crowds at the America’s Cup Village in Dockyard.

After taking inflation into account, sales volume rose 7.6 per cent, following an 8.3 per cent rise in May.

Receipts were even higher than the holiday shopping-fuelled month of December — typically retailers’ most important month of the year. Last December’s sales totalled $108.9 million.

Motor vehicle sellers were the one group to see sales fall in June, seeing a 25.4 per cent drop in receipts.

Apparel sales rose by more than a third year-over-year as many retailers experienced a boost from greater tourist demand and sales of America’s Cup merchandise.

Visiting yachts were a strong contributor to a 19.4 per cent increase in liquor stores sales and a 10.4 per cent rise in food sales.

Service stations saw receipts climb 16.7 per cent — partly the result of a 2.6 per cent increase in the price of fuel and partly from America’s Cup-related demand.

Building materials stores saw their receipts rise for the tenth month out of the past 12, registering a 6 per cent increase as demand for supplies was fuelled by a number of ongoing building projects.

Residents declared $3.8 million in overseas purchases at the airport in June, a fall of 7.3 per cent year over year.

Sales volume rose for the fourth consecutive month.