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March retail sales figures down 2.2% on Storm Emma hit

Hardware, paints and glass sales slumped over 11% in March, the latest retail sales figures show
Hardware, paints and glass sales slumped over 11% in March, the latest retail sales figures show

New figures from the Central Statistics Office show that retail sales volumes posted their sharpest monthly fall in seven months in March.

Retailers blamed disruption from usually bad weather during Storm Emma at the start of March for most of the drop-off. 

The volume of retail sales slumped 2.2% in March from February, the steepest drop since August of last year.

Retail sales volumes in March were 2.8% below the same month last year, the CSO figures showed. 

But if volatile car sales are excluded, retail sales last month were 2.3% above their levels in March 2017, the CSO added.

According to today's figures, the sectors with the largest monthly volume decreases were hardware, paints and glass with sales of these items slumping 11.4%. Furniture and lighting sales also fell by 8.4%. 

The sectors with the largest month on month volume increases were electrical goods, which rose by 0.9%, and bars sales which grew by 0.6%. 

Commenting on today's figures, Merrion economist Alan McQuaid said that while the adverse weather was clearly a factor in March, he also pointed out that headline sales have fallen for four months in a row.

Alan McQuaid said he believes personal spending will see another positive rise in 2018 as the unemployment rate drops below 6% and disposable incomes rise.

But he added that the increase in headline retail sales is likely to be lower than 2017, at 1.0-1.5%, while "core" sales should be higher, at 4.5-5% or so.