Irish retail sales were down 4.7% in the month in August but were 5.2% higher in the year in volume terms as against a revised annual increase of 7.8% (+6.3%) in July.
This is according to the latest headline official retail sales data from the CSO, released this morning.
The big monthly fall was mainly due to weaker new car sales following the strong showing in July as the 162 registration plates came into operation. However, excluding motor trades, retail sales were up 0.9% in the month and were 4.1% higher in the year compared with a revised annual rise of 3.2% (+2.7%) in July.
The sectors with the largest monthly volume decreases in August were Motor Trades (-11.1%), Bars (-2.7%) and Department Stores (-1.1%). Meanwhile, the sectors with the largest monthly increases were Furniture and Lighting (+8.8%), Other Retail Sales (+5.1%) and Hardware, Paints & Glass (+4.6%).
Consumer confidence hit a 15-year high in January but has dipped since mainly on uncertainty over the “Brexit” referendum. Still, overall, spending was quite robust in the first eight months of the year, with headline sales up 7.2% year-on-year on average in volume terms.
According to Merrionn Stockbrokers, "Although retail sales remain erratic on a monthly basis, the underlying trend is still positive. While most attention was on cars last year and will be again in 2016, personal spending in other areas has generally picked up in recent months and is becoming more broad-based. This can only be good news for retailers and employment prospects in the sector."
Source: www.businessworld.ie
