The figures for retail sales in value and volume terms for Q4 2021 are divided into the following three main commodity groups: ‘groceries and non-alcoholic drinks’, clothing and footwear’ and ‘furnishings and household equipment’.
In recent years, we have continuously seen year-on-year growth in sales figures. Yet from Q4 2020 to Q4 2021, the sales figures decreased for all commodity groups. The reason, probably, is the disruption of the pandemic on international travel in Q4 2020. Due to the lack of spending opportunities abroad, domestic sales continued to increase by Q4 2020, compared to the same period in previous years. During the course of 2021, the gradual softening of Covid-19 restrictions might have influenced the choice by Faroese consumers as to where to spent money.
Groceries and non-alcoholic drinks up by 6%
The turnover for ‘groceries and non-alcoholic drinks increased 6% from Q3 2021 to Q4 2021. Yet, Q4 2021 saw a year-on-year decrease of 2% on Q4 2020 with consistent prices.
Furnishings and household equipment up by 26%
For ‘furnishings and household equipment’, sales have dropped compared to previous years, as is the trend for all commodity groups.
Q4 sales figures show a 1% decrease, with a price increase of 2% compared to the same period in the previous year. As expected, however, the turnover increased by 26% from Q3 2021 to Q4 2021, due to Christmas shopping.
Clothing and footwear up by 29%
The commodity group ‘clothing and footwear’ expectedly saw sales increase in the period Q3 to Q4, as was the case for ‘furnishings and household equipment’. In the corresponding period in 2021, ‘clothing and footwear’ increased by 29%, compared to a 50% increase in 2020.
As with both groceries and furnishings, the exceptionally high turnover in Q4 2020 also had an effect on ‘clothing and footwear’ sales from 2020 to 2021. ‘Clothing and footwear’ saw a year-on-year decrease of 8% from Q4 2020 to Q4 2021, with a price decrease of 2%.