Monday 22 July 2019

Up to one in four shoppers crossing Border

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Rory Tevlin

Rory Tevlin

A quarter of Irish shoppers plan to cross the Border to make the most of festive bargains due to weaker sterling.

New research shows that people will be flooding to shops in Northern Ireland, with those in the 25 to 34 age bracket the most likely to make the trip.

The value of the pound has dropped dramatically since the Brexit vote on June 24.

The Vision-net.ie Recovery Index shows that one in four will cross the Border and 45pc of that number will be shopping in Northern Ireland for the first time.

The survey also showed 71pc of people questioned were planning on making a major purchase before the end of 2017, with holidays and second-hand cars the most favoured options.

Christine Cullen, managing director of Vision-net.ie, said consumers on this side of the Border were keenly aware of the bargains on offer in the aftermath of the Brexit vote.

She said: "Irish consumers are cognisant of the impact of Brexit and a weakened sterling, and plan to avail of the knock-on benefits this Christmas.

"Generally, though, shock events like the referendum decision and the election of Donald Trump seem not to have had a huge effect on Irish attitudes to spending and saving. Neither has yet to really 'happen', however, so it could be years before we can measure their true impact. Christmas 2017 could be a different matter entirely."

While the research indicates confidence among Irish consumers, it also points to a reluctance to take on debt, particularly among the 25 to 34 age group.

Those questioned may be planning a big purchase, but only 13pc are planning to rely exclusively on a loan.

Ms Cullen said: "Today's findings indicate a continued growing confidence among Irish consumers.

"As the economy steadies on its path to prosperity, Irish people feel comfortable making major financial decisions, like investing in cars, houses and holidays. However, many still rely entirely on their savings to make large purchases.

"In particular, the 25-34 age group, which endured some of the worst effects of the recession, still remain financially 'frozen out'. "Individuals in this group remain highly sceptical about taking on debt."

Irish Independent

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