Consumer confidence in Ireland is now higher than in the rest of Europe, according to the latest Consumer Market Monitor published by UCD Michael Smurfit Graduate Business School and the Marketing Institute.
The report reveals that retail sales volume rose by 3.7% in 2014, while value increased by 1.6%. This trend has continued into 2015; sales volume has risen up by 6.6% year-on-year for the second quarter, following an increase of 4.8% in the first quarter. Value sales have seen an increase of 3.4%, also an improvement of the 1% increase in the first quarter of 2015.
Food sales alone have risen 5.3% in volume, and 3.6% in value. Supermarkets have seen a 5.7% increase in volume sale, and 4% in value. While value sales remain lower than volume sales, it is notable that they are catching up despite a still discount-heavy market.
One of the main contributors to this trend has been growth in employment opportunities, with 93,000 jobs added between 2012’s low point and the first quarter of 2015. This has resulted in a 5% increase in the total number of people employed.
Mary Lambkin, Professor of Marketing at UCD Smurfit School noted, “Disposable incomes are at last beginning to show modest growth as a result of jobs growth and this, coupled with greater availability of credit, is leading to accelerated spending on many categories of goods and services.”
Chief Executive, of The Marketing Institute, Tom Trainor commented, “We have been waiting for economic recovery for a long time in Ireland and especially in the consumer economy which has been particularly badly damaged in the recession.
“It is very heartening to see definite evidence that this sector is now recovering and this positive momentum will help to strengthen many businesses and allow them to grow.”
© 2015 - Checkout Magazine by Jenny Whelan.
