Inflation has been a key feature of the Irish economy over the past two years with rising prices impacting retailers and consumers alike. We also experienced a surge in interest rates during 2023 and with these factors still at play, one may have expected to see a slowdown in the retail market. However, consumer sentiment has continued to rise despite inflationary pressures with the latest CSO figure highlighting a 28.9% increase compared to last year.
The Retail Sales monthly value and volume indices decreased by 0.7% and 2.0% respectively in February, when compared with the month previous. The largest monthly volume increases were recorded in Bars (+11.8%), Hardware, Paints & Glass (+10.5%) and NonSpecialised Stores (incl. Supermarkets) (+0.3%).
