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Irish shoppers cash in on weak sterling as a result of Brexit

Written by Robert McHugh, on 13th Nov 2017. Posted in Ireland

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Irish shoppers can save up to 43% by purchasing products in sterling through branches of popular stores over the border, according to new research from travel money specialist No1 Currency.
  
The research estimates that savings of between 5% and 43% can be made by purchasing technology, food and drink, toys and fragrance items in sterling in outlets of retailers based in the North of Ireland. 
  
The amount of sterling purchased in Irish No.1 currency outlets, between July and September 2017, increased by 19% on 2016 figures. This spike in sterling transactions included an increase of 8% in the number of sterling transactions made and a 10% increase in the value of those transactions.

No.1 currency has seen a steady increase in sterling purchases in its Irish outlets in Swords, Westmoreland Street and Tallaght over the past number of years, including a particularly sharp 46% increase in purchases on sterling between July and September 2016, as shoppers capitalised on the weakness of sterling in the months immediately following the Brexit announcement. The Swords branch, closest located to the border of Northern Ireland, saw the largest increase in sterling purchases in 2017, with an increase of 47%.  
  
As Irish consumers prepare to put on the annual Christmas feast, the savings that can be made on food and drink may prove to be the most beneficial, research showed that savings of 43% could be made on 12 bottles of beer, 35% on a case of wine, and 39% on a Cadburys selection box when purchased over the border.
  
Commenting on the research, Retail Director at No1 Currency, Simon Phillips said, "Going over the border to buy Christmas presents or do Christmas food shopping has become increasingly popular over the past number of years, and there are significant savings to be made for Irish consumers." 

He added, "This Christmas, shoppers can take advantage of the steady weakness we have seen in sterling since the announcement of Brexit to make real savings at what can be a very expensive time of the year. Given that it is only an hour’s drive from our No.1 currency outlet in Swords to Newry, a small investment of time can pay huge dividends to consumers."

Source: www.businessworld.ie

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