Consumer spending is set to be up this festive season, new figures show.
Irish households will spend an average of €2,690 each this Christmas, according to Retail Ireland.
This is €866 more than any other month in the year and represents a 3 per cent increase on last year’s spend, the group has said.
Total sales over Christmas are expected to reach €4.65 billion, up from €4.5 billion last year.
Retail Ireland says that prices have fallen by 0.8 per cent so far this year and by 10 per cent over the past five years.
Irish consumers also have more money in their pockets.
Our gross disposable income grew by 4.4 per cent in the first half of 2018, following growth of 5.7 per cent in 2017.
Native Irish retailers are set to benefit but it will be a challenge to compete with foreign and online brands, the group has said.
“After what has been a tumultuous year of highs and low for Irish retailers, we have now reached a crucial juncture in terms of determining the end of year position for the sector,” said Thomas Burke, director of Retail Ireland.
“Rising disposable incomes, record numbers at work, and falling prices have all combined to give consumers greater spending power than ever before and will raise consumer spirts and enable greater spending power over the busy Christmas period”.
