Early indications have suggested that Irish shop owners are set to enjoy their best winter sales period since the economy imploded more than five years ago.

Figures released today by Retail Excellence Ireland have confirmed that the opening day of the sales yesterday was the busiest in six years with most retailers reporting both footfall and spending increasing by more than 20 per cent on last year as tens of thousands of shoppers went in search of bargains in urban centres across the State.

The chief executive of the retail umbrella group David Fitzsimons had been downbeat about retail sales figures just before Christmas but he said today that the start of the winter sales "could not have gone any better with both footfall and spending significantly up on last year".

He said members of Retail Excellence Ireland had seen large numbers of shoppers out in force in the primary shopping centres and cities with most of those who opened yesterday reporting significant jumps in sales.

Mr Fitzsimons said he had spoken to one retailer who had done 50 per cent of last year's St Stephens Day turnover in the first hour of trading yesterday.

“After a somewhat disappointing December for retail, many businesses were carrying significant amounts of stock into yesterdays sales equating to very deep discounts, which a significant cohort of consumers responded to,” Mr Fitzsimons said.

“We have noticed that savvy consumers are willing to postpone fashion, footwear, home and prestige and luxury brand spending into the sales period,” he continued and pointed out that today was an even more important day as it marked the first day that all retailers nationwide start their ales “and our local economies open back up for business”.

Mr Fitzsimons expressed the belief that the Government’s Home Renovation Incentive Scheme will act as a further stimulus to “big ticket” home spending in the coming days with consumers benefiting from a 13 per cent tax credit on home renovation costs.

Many of the largest retailers in the Republic who opened their doors yesterday were similarly upbeat with all reporting significant increases in both footfall and spending compared with last year.