EACH IRISH HOUSEHOLD is estimated to have spent €2,800 in shops in December after an “erratic and unpredictable” year in shopping.
Retail Ireland, the representative group for the retail sector, published its Christmas Retail Monitor 2019 today.
This report showed a 3.4% increase in spending this month compared to December last year.
Consumer spending is set to reach almost €5 billion for this month alone, €1.6 billion more than the average spend in any other month during the year.
€4.75 billion was spent in December 2018.
“Retailers have reported strong trading over the recent fortnight, making up for a slower start in some categories,” said Retail Ireland director Arnold Dillon.
“The spending power is there in the economy, but retailers are having to compete aggressively to attract consumers to their offering.”
The extra money spent during the Christmas period equates to around €940 more per household compared to other months, with a total of €2,800 spent throughout December in the average household.
The last year has been “erratic and unpredictable” for retailers mainly due to Brexit uncertainty, the report says.
Irish people spent €15.9 billion in online shopping in the first nine months of 2019, according to data from the Central Bank.
The price of consumer goods is reported to have fallen by 1.7% in the first ten months of this year. Retail sales rose by 2.8% during this period.
Currently, growth in online sales is six times greater than that of physical shops.
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