Consumer spending in Ireland rose by 3% in 2015, and looks set to keep an upward trajectory this year and for the foreseeable future, the Michael Smurfit Business School’s latest Consumer Market Monitor has revealed.
Retail sales saw significant improvement, rising by 6.2% in terms of volume in 2015, while all retail categories have seen a boost in recent quarters. According to the report, evidence also suggests that 2016 is delivering sales growth for most retailers.
For food alone, sales volume increased by 4.5%, while sales value also rose by 3.3%. Supermarkets saw an increase of 4.8% in volume sales, but only a 3.6% increase in value sales as the market remains promotion-heavy.
The Irish grocery market has seen considerable upheaval over the last few years, with Aldi and Lidl seeing continuous growth, and SuperValu recently increasing its market share to 25%, overtaking Tesco.
The Consumer Market Monitor attributed the growth in consumer spending to rising incomes, as more people go back to work, with many enjoying pay increases of around 2% in 2015.
Overall, gross disposable income rose by 9% in 2015, which the report notes, is "the kind of increase not seen since the heady days of the Celtic Tiger".
© 2016 - Checkout Magazine by Jenny Whelan.