Retail sales in Brunei Darussalam saw a notable decline in the second quarter of 2024, with a 6.1 per cent drop compared to the same period last year. Sales revenue fell from BND446.1 million in Q2 2023 to BND418.9 million in Q2 2024. This decrease reflects a broader contraction in domestic demand, with retail activity declining by 5.9 percent in volume terms, according to a press release from the Department of Economic Planning and Statistics (DEPS) on Wednesday.
The reduction in sales revenue was primarily driven by significant drops in various retail sectors. Furniture and household equipment sales plummeted by 19.0 per cent, while sales of electrical household appliances and lighting equipment in specialised stores decreased by 9.3 per cent. Additionally, supermarkets and department stores experienced declines of 6.9 per cent and 6.0 per cent, respectively.
Comparatively, Q2 2024 also showed a decrease in retail sales value and volume from the first quarter of the same year. Retail sales value dropped by 6.4 per cent, attributed largely to a 23.0 per cent decline in furniture and household equipment sales. Electrical household appliances and lighting equipment saw a 13.9 per cent reduction, while sales in hardware, paints, and glass stores fell by 11.3 per cent. Supermarkets and department stores also saw decreases of 5.7 per cent and 4.5 per cent, respectively.
In the food and beverage sector, sales revenue decreased by 1.0 per cent from BND111.5 million in Q2 2023 to BND110.4 million in Q2 2024. This sector also experienced a 1.6 per cent decline in activity volume, indicating reduced domestic demand. Notably, fast-food outlets saw a revenue drop of 3.2 per cent, other food service activities decreased by 3.1 per cent, and restaurant sales fell by 1.5 per cent.
However, there was a positive shift in the food and beverage sector compared to Q1 2024. Sales value increased by 1.3 percent in Q2 2024, driven by a 6.3 percent rise in revenue from beverage-serving activities, a 3.1 percent increase in fast-food outlets, and a 1.8 percent growth in restaurant sales.
The Retail Sales Index (RSI) and Food & Beverages Services Index (F&BSI) serve as preliminary indicators of economic performance and consumer spending trends in Brunei Darussalam. More detailed reports are on the DEPS website.
