Retail rebound continues in March as sales volumes rise

Bar sales fell by almost 16 per cent in March from the previous month despite an overall uptick in retail sales volumes and the value of transactions, new data from the Central Statistics Office (CSO) has indicated.

Excluding the motor trades, sales volumes increased by 0.3 per cent in March from the previous month, up from a growth rate of 0.1 per cent in February after falling in the second half of 2022 against the backdrop of the cost-of-living crisis. Volumes were also up 0.6 per cent compared with March 2022, suggesting a renewed sense of confidence among Irish consumers.

The largest monthly increase was in the “other retail sales” division (+34.8 per cent), the CSO said, a wide-ranging category that includes home heating oil and fertilisers as well as the sale of carpets, rugs, wall and floor coverings among other items. There was also a 5 per cent pickup in department store sales in the month, although spending in this category was down 1.7 per cent year on year.

Large monthly decreases in sales volumes were recorded in the bars (-15.9 per cent), clothing, footwear and textiles (-7.3 per cent) and hardware, paints and glass (-7.1 per cent) divisions.

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However, the bar trade has seen a substantial recovery over the past 12 months with sales volumes up 9.6 per cent from March 2022. Fuel sales volumes were fractionally lower (0.4 per cent) in March but had increased by 6.3 per cent in the 12 months to the end of the month.

Meanwhile, the value of retail sales – the actual money spent rather than the number of transactions – jumped 1.8 per cent in March.

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Reflecting the impact of broad-based consumer price inflation in the past year, the value of sales increased 14.9 per cent in the 12 months from March 2022.

Figures published by the CSO earlier this month showed that annual consumer price inflation hit 7 per cent in March.

Estimates published on Friday suggest that while headline inflation slowed somewhat in April, core inflation – a measure of price growth that strips out volatile food and energy prices – almost doubled in April from the previous month to 11.9 per cent.