It was bound to happen once the first engorged winter energy bills landed through Irish letterboxes. Data from several sources suggests that the retail sector is in for a challenging period after December as the cost-of-living crisis bites.
The signs are not yet bad enough to suggest the sector is facing a blue Christmas. But the seasonal period ahead may represent the last planned splurge for many Irish consumers before they go into hibernation until the inflation crisis abates.Retail sales volumes have fallen for the past six months in a row. Meanwhile, data this week from the Central Statistics Office shows the domestic economy is already contracting.
All of this is being reflected in the retail industry. Retail Ireland, the sector’s Ibec lobbying division, said this week it expects Irish customers to spend €5.4 billion at the tills this month. But that spend is roughly the same as last year. In truth, a flat performance would be an achievement in a period when real wages are falling fast as inflation tops 9 per cent.
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