Consumers may spend around €5.4bn over Christmas: Retail Ireland

With the festive season around the corner, Retail Ireland has estimated that approximately €5.4bn could be spent during Christmas by consumers.

Moreover, around €832 will be spent per household, representing about a 5% increase in spending last year.

The total spending done in Christmas will be €1.58bn more than what is spent in the other months of the year.

Retail Ireland has stated that the attitude across retail remains largely positive but somewhat anxious owing to the news of the new COVID strain gaining traction.

Arnold Dillon, Director of Retail Ireland, said that the rising concerns of COVID-19 and chances of new restrictions being imposed have substantially increased the uncertainty in recent days.

The last few months have seen a substantial recovery across the sector. The restriction being eased since the summer 2021, have impelled a sturdy and firm lift in consumer sentiments. Combined with this, the considerable demand also resulted in a positive sales figure in the recent months.

The retail sales for September 2021 were around 12.6% higher compared to that in 2019, before the COVID-19 arrival.

Although the figures put forth by Central Statistics Office depicted that retail sales fell 1.7% between September and October, the volumes in October were up by 1.5% compared to the same month last year.

Mr. Dhillon mentioned that the headline figures mask the other trends in the sector, but all retail parts are not experiencing the same upliftment as others.

Additionally, the lack of tourists and office workers and the constant closure of restaurants and bars has seen dramatic footfall drop in key urban retail districts.

As a result, cities like Dublin, which primarily depend on foreign visitors and commuters, have been poorly hit, cite retailers.

Essential to note that the trend was changing to correct itself last month. Still, somehow from the fear of having one more variant and the Government public health advice, consumers have reduced their activity levels on foot.

Source Credit - https://www.rte.ie/news/business/2021/1201/1264115-christmas-consumer-spending/

 

By Priya Deshmukh

Priya started her professional journey with a career in content writing. Endowed with an MBA degree in Marketing, she believes in the power of content and its prominence in today’s fast-paced world of online marketing. Priya writes news articles for people.partilepep.com across business, technology, healthcare, and other areas of interest.