Retail chief expects 1% spending rise

Retail Ireland, the main lobby group for the country’s retailers, is forecasting an increase in consumer spending of 1.3% for this year — the first increase in five years.

Retail Ireland, which is part of Ibec, said inflation is set to remain low because of the intense competition in the sector.

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.