Retail sales in Lafayette Parish continued their six-month slide in September, a dip that has closely coincided with the drop in oil prices and the toll it has taken on the local economy. The $497 million in goods and services sold during the month represents a 7.8 percent fall from September a year ago.
The Lafayette Economic Development Authority reports that year-to-date sales are down in all municipalities across the parish — ranging from 0.1 percent in Lafayette to 11 percent in Duson and 21.6 percent in Broussard. Sales are also down 19.1 percent in unincorporated areas of the parish.
Within the city of Lafayette, year-to-date sales in the food and “other” categories are the only two showing increases, 2.2 percent and 0.11 percent, respectively. The biggest decreases were apparel, 5.48 percent, building materials, 4.79 percent, and services, 4.54 percent.
“For the first time this year, sales in big ticket and durable goods, such as auto [down 0.47 percent] and furniture [down 0.24 percent], are down compared to the 2014 total, reflecting continued consumer uncertainty in the overall economy,” says Gregg Gothreaux, president and CEO of LEDA. “LEDA’s forecasting model remains consistent, indicating total retail sales this year should be on par with 2012 totals — just under $6 billion. This will still be more than 20 percent higher than retail sales in 2009 when Lafayette was impacted by the national recession.”
September hotel/motel receipts totaled $6.1 million, 14.8 percent lower than September 2014. Year-to-date hotel/motel receipts are down 6 percent.
For more retail sales and other data, click here.