Consumer confidence to stabilise

CONSUMER spending and confidence are expected to stabilise as the year progresses, even though retail sales nose-dived by 17.3% in January.

The latest figures from the CSO showed that December’s 0.4% fall in retail sales volumes was followed by a 17.3% dive in January, the second highest monthly fall behind the 19.5% decline measured in the first month of last year. January’s sales volumes fell by 4.8% on a year-on-year basis.

In volume terms, such items as fuel, books and hardware products were hardest hit. Bar sales were down by nearly 10% in volume terms and by just under 13% in value terms in the month.