skip to main content

Annual retail sales jump 9.2% in March

Car sales on a monthly basis were up 4.1% in March, CSO figures show
Car sales on a monthly basis were up 4.1% in March, CSO figures show

New figures from the Central Statistics Office show that the volume of retail sales rose by 1.4% on a monthly basis in March, while they jumped by 9.2% on an annual basis.

The CSO said that when car sales are excluded, the volume of retail sales slowed by 1% on a monthly basis, while they were up 4.7% on a yearly basis.

Today's figures show that the biggest monthly increase in sales were seen in the motor sector, with sales there up 4.1%. Bar sales rose by 4% while other retail sales - which includes the likes of household fuel oil, bottled gas and flowers and plants were up 2.6%. 

However, sales in department stores were down 3.2%m, while they fell by 2.4% in non-specialised stores and fuel sales declined by 1%.

Commenting on the figures, Merrion economist Alan McQuaid said that consumer spending continues to remain erratic on a monthly basis though on a year-on-year comparison it is well up on the same time of the previous year. He described this as "very encouraging". 

"Although consumers are still reluctant to go on a mad spending spree, there does seem to be a view that the worst is over following the severe economic/financial downturn," the economist said. 

He said he was expecting for a volume rise of 6-9% in headline sales this year, and 3-5% in "core sales", which augurs well for the country's GDP growth this year. 

And Investec economist Philip O'Sullivan said that while some tail risks - mainly relating to household debt - remain, the prospects for Irish consumers are the strongest that they have been in years. 

He noted that the Consumer Sentiment Index improved to a nine year high in January 2015 and this confidence is translating into a surge in consumer discretionary spending.