Increase in Irish retail sales

Retail sales rose in September for the third consecutive month, according to the Central Statistics Office.

The sectors with the largest month on month volume increases were bars (up 4.5 per cent), electrical goods (up 2.8 per cent) and department stores (up 2.6 per cent).

“We welcome this increase in the volume and value of retail sales in September but the industry continues to be in a state of great distress,” David Fitzsimons, CEO Retail Excellence Ireland said.

Mr Fitzsimons said the on-going speculation around Budget 2013 will continue to affect retail sales and consumer sentiment pre-Christmas.

The bottom line is that the household sector in general remains under immense pressure, and things aren’t going to get any easier in the short-term, Merrion economist Alan McQuaid said.

Echoing Mr Fitzsimons, he said: “Heightened anxiety about the prospects for future incomes are set to persist due to the high level of unemployment and further austerity measures in the forthcoming Budget, such that consumers are likely to maintain buffers to protect against adverse income shocks.”