Retail recovery gains momentum, as sales rise 5.3%
With Ireland witnessing the ninth consecutive monthly year-on-year rise in both the value and volume of retail sales, Retail Ireland says Budget 2015 represents an opportunity to boost confidence and consumer spending power
Print10 October 2014
The CSO’s Retail Sales Index shows that August was the ninth consecutive monthly year-on-year rise in both the value and volume of retail sales. While the value of all sales rose by 5.3% in August, when new cars and sales in bars are excluded, the total value of sales rose by a more modest, albeit healthy, 2%, compared with August 2013.
Commenting on these figures, chairperson of Retail Ireland Frank Gleeson, said: “The latest figures show that the recovery in the domestic economy is gaining momentum. This growth in sales is led by furniture, lighting and products for the home with an impressive 14.5% increase in the value of such sales over the same month last year. Additionally, the value of sales in electrical outlets rose by 5.1%, those in supermarkets by 2.9% and those in department stores by 2.2%.
“However, an analysis of August’s statistics also shows that we cannot afford to be complacent. The value of sales in specialist stores, including grocers, butchers and off licences saw a combined fall of 3.5%, whilst sales in pharmacies fell by 2.2%, indicating that some operators continue to struggle and highlighting the fragility of retail’s recovery.
“Budget 2015 is an opportunity to boost confidence and spending power by reducing both income and consumer taxes. This coupled with additional measures, such as freezing excise duties and introducing measures to fill vacant high street units, will help secure a more sustainable recovery in the domestic economy.”
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