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Retail sales see biggest monthly fall in nine months in September

Retail sales volumes fell by 3.1% in September, new CSO figures show
Retail sales volumes fell by 3.1% in September, new CSO figures show

Retail sales volumes saw their deepest monthly drop in nine months today, falling 3.1% in September to stand 7% down from the same time a year ago, Central Statistics Office figures showed today.

The CSO said that just two sectors showed an annual increase in the volume of sales compared with September last year.

Bar sales rose by 7.5% on an annual basis but despite this recovery over the previous year, they are still 16% lower than their pre-Covid 19 level in February 2020.

Pharmaceuticals, Medical & Cosmetic Articles also showed a small annual increase in volume, rising by 1.4% in September.

Today's CSO figures show that the largest monthly volume decreases included the clothing, footwear and textiles sector, which slowed by 5.1%.

Other Retail Sales - which includes the likes of carpets, games and toys, flowers, fertilisers, pet food and jewellery - were down 5%, while sales in Department Stores slowed by 4.2%.

The largest monthly volume increases were sales of books, newspapers and stationery, which rose by 5.3%, while furniture and lighting sales rose by 2.5% and hardware, paints and glass sales were up 2.2%.

Meanwhile, the sectors which showed the largest annual decreases in sales on an annual basis included Other Retail Sales, which dropped by 23.7%.

Sales of food, beverages and tobacco in specialised stores were down 13.3%, while car sales slowed by 8.3% and clothing, footwear and textiles decreased by 7.5%.

Meanwhile, the amount of spending conducted using credit and debit cards declined by 7% in September, compared to August.

New figures from the Central Bank today show overall spending using cards is still up 10% on what it was a year ago when there were still some Covid-related restrictions on in-person spending.

All sectors, excluding education, saw declines last month.



In-store spending was down 12% in September to €3.7 billion compared to the previous month, but it was still up 9% compared to September last year.

Online spending was down 1% in September to €3.4 billion but is still 16% higher than September 2021.

Online spending accounted for 48% of point-of-sale purchases.

When broken down by sectors, total retail spending was down 8% in September. It said the 6% annual increase is mainly driven by an increase in the consumption of groceries.

Spending on services was down 4% compared to August and its annual increase of 13% was mainly down to increased spending on transport, which rose by 49%.

Social spending was down 15% in September and the annual increase of 14% was driven by a 19% increase in restaurant spending, today's Central Bank figures show.

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Managing director at Retail Excellence Duncan Graham said today that retail sales have "dropped off a cliff".

Speaking to RTÉ's News at One, Mr Graham said that it is "really starting to bite out there" and a lot of retailers are "starting to feel the pinch".

He said that the past summer was the first opportunity for people to get away on holidays, so that is how many people spent their money.

He noted there was a small peak during the "back-to-school" period of August and September.

"But certainly since then it feels as though we've dropped off a cliff in terms of sales and certain things have been hit really hard," Mr Graham said.

He said that clothing sales in particular were up 5% at the start of the year, but are now performing down 3% or 4%.

This, he said, is a "really noticeable drop" in discretionary spending.