Retail sales get ‘Black Friday’ boost in November, says CSO
Sales of electrical goods showed the biggest jump, up 17% with cosmetics up 7.9%
Latest figures show retail spending strengthening after post-Brexit lull
Retail sales rose by 0.9 per cent from October to November and were up 4.3 per cent on an annual basis, new figures from the Central Statistics Office show.
If car sales are excluded from the figures, retail sales jumped 3.1 per cent month-on-month and were up 4.9 per cent versus the same month a year earlier.
The value of sales also rose, up 0.6 per cent in November versus the previous month and by 2.1 per cent annually. Excluding car sales, there was a 1.8 per cent monthly jump and a a yearly increase of 2.2 per cent.
Sales of electrical goods showed the biggest monthly jump, rising 17 per cent. Pharmaceuticals, medicals and cosmetic articles sales, rose by 7.9 per cent.
Car sales showed the biggest monthly decline, down 1 per cent, followed by bars, down 0.9 per cent.
Davy analyst David McNamara attributed the jump in retail sales to Black Friday offers.
Mr McNamara said early indications from industry body Retail Ireland suggest that December sales were slightly softer than expectations but still up significantly on the same month a year earlier.
“Consumer spending should post another robust gain in the fourth quarter,” he said.
Dermot O’Leary, chief economist with Goodbody said the latest figures show spending strengthening after its post-Brexit lull with core retail sales were the highest in nine years.
“A weak sterling should ensure that price deflation will remain a feature on the Irish high street in 2017,” he said.
Elsewhere, Merrion chief economist Alan McQuaid forecast headline retail sales volume growth for 2016 as a whole of just over 6.0 per cent, which he described as “a healthy performance all things considered, albeit lower than the 8.2 per cent growth posted in 2015.”
“Personal spending growth is expected to slow further in 2017 on an uncertain global backdrop but still remain positive, especially as we see sterling appreciating against the euro this year on Eurozone political worries,” Mr McQuaid said.