This will be the best performing Christmas in seven years for Irish retailers, with January tax cuts helping to raise consumer mood and boost spending.
This is according to Retail Ireland, the Ibec group that represents the retail sector, who today published their third quarter Retail Ireland Monitor.
The survey of over 14000 shoppers suggests about half (46.9%) hope to get most of their Christmas shopping done in November.
The group expects core retail sales for December 2015 to reach €4.05 billion, up by 3.5% over 2014.
Strengthening momentum means that consumer spending growth will top 3.1% in the full year of 2015 versus last year. Personal consumption expenditure on core retail goods during December will be equivalent to about €2,450 per household, approximately €600 more spending per household than in any other month of the year.
Retail Ireland say that the weak euro is also attracting more tourists, with Dublin city centre outlets in particular benefitting from foreign shoppers.
Retail Ireland Director, Thomas Burke commented, "The Christmas period accounts for over 30% of total sales in certain categories of retail, with nearly half of shoppers planning to complete their Christmas shopping in November. The coming weeks will determine the overall annual performance for many retailers, and follows a broadly positive year to date.
"Growth was recorded across virtually all categories of retail during the first nine months of the year but despite positive trends, retail sales this Christmas are still expected to be 12.2% down on 2007 levels.
"The fact that sales this Christmas will only be up 3.5% on the level of retail sales of Christmas a decade ago in value terms, despite rising costs and legacy debts, underlines the last decade's status as a lost decade for the sector. While we are finally seeing light at the end of the tunnel, not all parts of the country are keeping pace. The recovery in Dublin and other major urban centres is significantly ahead of other parts of the country."
Source: www.businessworld.ie
