Slowdown in Irish retail spending in wake of Brexit vote

Slowdown in Irish retail spending in wake of Brexit vote

There has been a slowdown in Irish retail spending in the wake of the Brexit vote, according to the latest figures from Retail Ireland.

Although sales values grew by 2.8% in the first half of the year compared to last year, the sector has started to lose this positive momentum - and has been showing an easing of growth.

Books and magazines sales growth declined sharply from 7.7% at the end of March, to 4.2% by the end of June.

Slowdown in Irish retail spending in wake of Brexit vote

The group says that when Irish people have a fear of the unknown, they tend to recoil quickly from spending.

Director of Retail Ireland, Thomas Burke, says if the trend continues, it could have serious implications for the sector.

"We've come through six or eight years of very difficult times for the Irish retail sector and for Irish consumers indeed, and the Irish consumer has been scarred by that experience.

"Any sign of uncertainty now, we see that quite quickly reflected at the tills, anything which causes the consumer to question the purchase is definitely a concern."

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