Irish high-street sales see summer fall due to cautious shoppers
Retail sales growth in Ireland fell by 14% in July, dropping at the fastest pace in over four years, according to a survey from the Confederation of British Industry.
Post Brexit- weaker consumer confidence has likely hit Irish shoppers, who remained cautious during July. Retailers and companies expect sales volumes to continue declining at a similar pace as this month in the year to August.
“While conditions in the retail sector have weakened, we should be careful about reading too much too soon, as consumers were likely to err on the side of caution in the immediate period following a vote to leave the EU,” said Rain Newton-Smith, CBI Chief Economist.
“Current low levels of inflation and high overall employment should support consumer spending in the near term, although the impact of lower sterling is likely to feed through to higher inflation over time.”
Despite the uncertainty, non-specialised department stores, footwear retailers and leather goods retailers reported higher volumes of sales in the period.
Rain Newton-Smith said: “What businesses and consumers need now is calm and decisive leadership, a clear timetable and a plan for negotiating the UK’s future outside the EU to restore confidence.”
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