Irish Consumers Set To Spend €4.2 Billion This Christmas
The latest Christmas Retail Monitor from Irish retail representative group Retail Ireland has found that Irish retail sales are likely to top €4.2 billion this Christmas.
The report predicts an increase of 3.7% in consumer spending this December compared to last year, with total sales of €4.21 billion up from €4.05 billion in 2015 - an increase of €160 million.
"The next few weeks are by far the most important trading period of the year,” said Retail Ireland Director Thomas Burke.
“While retail sales growth has softened in recent weeks, retailers remain optimistic. More people at work, a rise in disposable incomes and falling prices should lift the consumer mood and translate into increased sales. Currency pressures and a drop in consumer sentiment have made recent months difficult for many retailers. But the retail sector's challenge is the consumer's opportunity. The coming weeks will see heavy pre-Christmas discounting, and a New Year sales bonanza."
The supermarket and convenience store market will see an ‘at worst neutral’ performance during Christmas 2016, Retail Ireland said. ‘The sterling weakness of recent months is adding to deflation in this sector. There is concern at cross border leakage of trade as UK prices are highlighted and robust weekend trade from Southern shoppers is reported in border towns in Northern Ireland.’
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.