Retail sales rise on the back of electrical goods and DIY products

Retail sales rose 1.5 per cent in volume terms in September and were up 6.5 per cent on an annual basis, according to new figures from the Central Statistics Office (CSO).

Excluding car sales, volumes were up 2.8 per cent versus August and increased by 6.3 per cent compared to September 2017.

The data shows that the cost of electrical goods jumped by 9.3 per cent in September while hardware, paints and glass goods rose 7 per cent. Offsetting the price rises were declines in costs for department-store goods and books, newspapers and stationery.

The value of retail sales also climbed last month, rising 1.5 per cent compared to August and by 5.9 per cent versus September 2017.

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If car sales are excluded, the value of sales rose by 2.5 per cent in the month and by 5.5 per cent on a yearly basis.

Merrion’s chief economist Alan McQuaid described the monthly figures as better than expected with consumers continuing to spend strongly.

“We think personal spending will post another positive increase as the unemployment rate continues to drop and disposable incomes rise,” he said.

“Following these latest figures, we now think headline sales will post an increase of between 3.5 per cent and 4 per cent this year, with a rise of 4 per cent to 4.5 per cent projected for “core” sales,” he added.