Wednesday 26 October 2016

Retail sales fall in August but annual figure up over 9pc

Published 28/09/2015 | 11:50

Consumer spending is set to increase. Photo: Tony Gavin
Consumer spending is set to increase. Photo: Tony Gavin

The volume of retail sales dropped 4pc in August 2015 compared with July and an increase of 9.3pc in the annual figure.

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Headline sales have now declined for the third time in last four months.

However, the data also shows that, excluding motor sales, retail sales were up by 0.9pc on a month-on-month basis while there was a 7.6pc increase annually.

Furniture and lighting, and other retail sales saw the largest sector growth of 13.2pc and 5.8pc respectively.

Investec chief economist Philip O'Sullivan said: The latest retail sales data from the CSO reveal continued strong growth in underlying consumer spending. At a headline level, sales volumes were [down] 4pc, but this is largely due to the distortions caused by the rapid recovery in car sales.

“The breadth of the recovery in consumer spending is reflected in the fact that all 13 segments of the retail sector recorded annual growth in the volume of sales in August, while 11 posted annual growth in value terms.”

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