Consumer spending on cars and in department stores and pubs in April was reduced, leading to a slump in retail sales, according to the latest report from the Central Statistics Office (CSO). The data indicated a 1.2% reduction in retail sales volume for April, with a 0.9% dip from the same period the previous year. Notably, if the variable car sales were excluded, the sales marginally increased by 0.1% in April and 0.2% annually.
In the face of rising costs of living and higher loan expenses, retail sales have remained reasonably resilient, largely attributed to the robust job market. While many have seen their spending power reduced in recent times, the increased employment level has ensured that total consumer spending remains stable.
The steepest monthly volume decreases were noted in department stores, with a 5.5% drop. Sales of books, newspapers, stationery, and fuel also dropped by 5.1% and 4% respectively, with pub spending going down by 2.5%. Car sales, a major retail category, also declined by 0.7%.
The CSO report stated that three sectors observed an uptick in monthly volumes. The category of clothing, footwear, and textiles saw a drastic 17.3% increase, while hardware, paints, and glass showed a 2.5% rise and furniture and lighting sales increased by 0.9%.
The value of retail trade enjoyed an increase of 4.1% in the month and 2.1% annually, the CSO announced. Online sales made up 5.3% of total retail transactions in April, a slight increase from 5.1% in March. These figures do not take into account online purchases from international companies like Amazon, as the CSO does not have the legal authority to collect this data. Consequently, the exact figure for online retail sales remains unknown.
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