The latest figures from the Central Statistics Office (CSO) have shown that the volume of retail sales fell by 4% in August, compared to figures from July. This was due to slower sales of cars and books.
However, the results also showed that the volume of retail sales on an annual basis actually rose by 9.3% in August when compared to August 2014.
Additionally in terms of annual growth in value and volume retail sales showed 22 months of successive growth. Also when excluding car sales retail sales actually rose marginally by 0.9% on a monthly basis and 7.6% on an annual basis.
Indeed it was the motor trade that showed the largest monthly decreases, by 4.6%. It is likely that the motor trade spiked last month as the new 152 registrations came out.
Investec economist Philip O’Sullivan said, “Given the positive outlook for total employment and disposable incomes – the Government has guided that next month’s Budget will result in a reduction in taxes on earnings – we would expect to see further growth in consumer spending into the New Year at least.”