Retail sales reach seven-year high in fourth quarter

Retail sales grew by over 4% in the final three months of 2014, on a year-on-year basis, marking the largest such growth for more than seven years.

Figures published yesterday by industry representative group Retail Excellence Ireland (REI) showed that most sectors saw solid sales growth in the fourth quarter, with jewellery the star performer with a near 15% annualised increase.

REI’s deputy chief executive, Sean Murphy, said that Asian tourists coming here to buy competitively priced luxury goods — including jewellery — provided a major boost to sales.