Retail sales fall for seventh consecutive month as cost of living cuts consumer spending

The value of retail sales in the fuel sector rose by 20.9% in the year to November 2022, while corresponding volumes rose by just 3.9%

In annual terms, other retail sales, motor trades and food and beverages saw the largest declines, falling by 25.8%, 11% and 6.3% respectively.

The volume of Irish retail sales continues to fall, with the last seven months showing further declines as consumers balance the cost of living crisis and soaring inflation. 

Figures released by the CSO found retail sales fell by an additional 1.4% in November, reflecting a year-on-year decline of 4.2%.

The largest volume decreases were found in bars, falling by 11.3%, motor trades, down 9%, and furniture, which fell by 4%.

However, clothing and footwear saw a notable increase in sales in the run-up to the festive period, growing by over 19% in November. The volume of electrical goods sales also increased, rising by 4.4% in the same period.

In annual terms, other retail sales, motor trades and food and beverages saw the largest declines, falling by 25.8%, 11% and 6.3% respectively.

Despite a poor monthly performance, the volume of sales in bars saw the largest annual increase, growing year-on-year by 13.6% in November 2022. This was followed by department stores, increasing by 6.5%, and electrical goods, up 5%.

Excluding motor trades, retail sales volume rose by 3.5% in the month and fell by 1.4% in the year compared with November 2021.

The proportion of retail sales transacted online was 6.3% in November 2022, up 1.7% compared with the previous month, up 6.0% in November 2021, and 12.4% in November 2020.

The value of retail sales in the fuel sector rose by 20.9% in the year to November 2022, while the corresponding volume rose by 3.9% over the same period, reflecting higher prices compared with the previous year.

Speaking on this morning's release, statistician Stephanie Kelleher said, "Retail Sales fell by 1.4% in November 2022 when compared with October 2022 on a seasonally adjusted basis. 

"On an annual basis, retail volumes were 4.2% lower than in November 2021. This was the seventh consecutive month that the annual volume change was negative.

"The value of Retail Sales was 1.4% lower in November 2022 than October 2022 and was 3.6% higher than a year earlier. Excluding Motor Trades, the value of Retail Sales increased by 3.1% in the month and rose by 6.3% on an annual basis."