Irish retailers suffered in November as shoppers avoided the high street and opted to shop online for Black Friday bargains, research showed.
Face-to-Face spending was down -4.3% year-on-year, the first reduction since August 2017 and amongst the sharpest since the series began in September 2014, according to Visa’s Irish Consumer Spending Index, produced by IHS Markit.
"Household spending in November showed modest growth at just +1.0% year-on-year," said Philip Konopik, Ireland Country Manager, Visa.
"The annual Black Friday sales failed to pull Irish consumers to the high street, with spending growth focused online."
“This is cause for concern for bricks and mortar retailers in the run-up to Christmas, with only a short window to encourage shoppers back into their stores during the crucial festive period."
Household Goods Increase
Six of the eight broad sectors covered saw expenditure increase in November, the report showed.
The sharpest rate of expansion was again recorded in Household Goods (+8.9% year-on-year), although growth slowed to a four-month low.
The only sector to see growth quicken in November was Food & Drink, where spending was up +3.0% year-on-year. This was the fastest increase since August.
"However, Food & Drink spend was a highlight last month rising +3.0% year-on-year, a promising sign for grocery retailers as households look to celebrate Christmas and the New Year.” He added.
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.
