The recently released Central Statistics Office (CSO) Retail Sales Index for August 2023 shows retail sales saw a marginal decrease of 0.1% in August 2023 but declines were more significant in bars (-6.7%), food, beverages & tobacco (specialised stores) (-6.2%).
However annual growth remained positive, with a 3.6% increase compared to August 2022.
The CSO Retail Sales Index provides insights into the performance of Ireland’s retail sector. Highlighting both monthly and annual changes, the report sheds light on the dynamics influencing consumer behaviour and economic trends.
Excluding motor trades, the volume of retail sales experienced a monthly rise of 2.3% and an annual increase of 1.0%.
Monthly declines were observed in other retail sales (-2.8%), motor trades (-0.6%), furniture & lighting (-0.5%), and books, newspapers & stationery (-0.3%). The largest monthly increases were in pharmaceuticals, medical & cosmetic articles (+8.4%), department stores (+4.0%), clothing, footwear & textiles (+3.3%), and fuel (+2.9%).
Six sectors saw annual volume growth, led by motor trades (+10.9%), pharmaceuticals, medical & cosmetic articles (+7.6%), and other retail sales (+6.0%).
The value of retail sales increased by 1.0% in August 2023 and by 7.0% annually. Excluding motor trades, the value rose by 3.3% monthly and 3.8% annually.
Stephanie Kelleher, statistician, Business Statistics Division, said: “Retail Sales fell by 0.1% in August 2023 on a seasonally adjusted basis. On an annual basis, retail volumes were 3.6% higher than in August 2022.”
The proportion of retail sales online, from Irish registered companies was 4.4% in August 2023, showing a minor decrease from 4.8% in July 2023 and August 2022.
While the Retail Sales Index reflects a marginal dip in August 2023, the annual growth suggests resilience in the sector