The report found that customers have returned to spending on occasions and events in the second quarter of this year.
As more people returned to the office and hybrid working, the demand for electrical items slowed – and as hospitality has opened up, off-license sales fell 19%, sales in grocery stores fell 2% and electronics sales fell 18%.
Overall sales in Q2 2022 remained stable however, recording a modest 1% year-on-year decline. The value of in-store sales saw an increase of 5% on last year versus a decline of 17% in the online channel. The 17% decline in online spending reflects a return to some pre-pandemic habits.
“This movement between instore & online spend must be viewed in the context of Q1 2021, where restrictions on some elements of the retail sector were removed in mid-May, allowing greater access to instore shopping,” states the report.
“While the data shows some positive elements, it also suggests an element of caution among consumers, given the current inflationary environment which will likely have an impact on the discretionary spending power and attitudes of consumers as we look forward to Q3,” said AIB’s Head of Retail Sector Alan Makim, speaking of the report.