Consumer spending down 21% since 2007 peak

Consumer spending has fallen by 21% in cash terms since hitting a peak in 2007, the latest data from the Central Statistics Office indicates.

Retail sales volumes fell by 1.5% in Apr 2012 from Mar 2012, with a year-on-year decrease of 2.7%. In price terms, sales fell by 1.1% in Apr 2012 and were down 1.8% year-on-year.

Commenting on the results, Goodbody Stockbrokers chief economist Dermot O’Leary said the weakness in April has meant that both the volume and value of sales (excluding the motor trade) has fallen to another new low.