Retail Ireland (RI), the Ibec group representing the retail sector has projected that consumer spending will rise by 1.3% in 2014. In its New Year statement, RI said that the sector remains under severe pressure and this is the first increase since the recession.
Retail Ireland Director Stephen Lynam said, "2014 is likely to see the first increase in consumer spending for many years. While forecasted growth of 1.3% is low, it is a move in the right direction. Spending fell in 2012 and was static in 2013.
At present, goods inflation is in negative territory as shops battle for footfall. Intense competition in the retail sector is likely to keep prices down in 2014.”
Lynam said that the recovery in the sector is fragile and the Government must ensure that no extra costs or unnecessary regulations are imposed as recovery takes hold.
“Keeping costs under control is essential if we are to create new jobs.”
© 2013 - Checkout Magazine by Genna Patterson
