Irish retail outperforms Europe and UK

Irish retail outperforms Europe and UK

Irish retailers are performing better than both the European average and the UK, as the local economy continues its upward trend.

Irish consumer spending on everyday grocery items increased for the fifth consecutive quarter, according to Nielsen retail performance data released on Monday.

In the second quarter of 2016, the volume of fast-moving consumer goods (FMCGs) purchased in Ireland rose 1.3 per cent year-on-year, while average prices paid for these goods also rose 1.3 per cent.

Consequently, grocery retailers saw a 2.6 per cent rise in takings at the tills – the fourth highest figure since Nielsen started measuring this nearly eight years ago.

The Irish market had the fifth highest figures among the 21 European countries measured, hugely outperforming Europe as a whole (0.8 per cent rise) and the UK (-1.6 per cent decline) – the latter’s worst performance in nearly two years.

Matt Clark, managing director for Nielsen Ireland said: “The recent upturn in FMCG sales in Ireland continues, in terms of both volumes purchased and prices paid. This is being driven by positive consumer confidence which is good news for retailers in the Republic, who are witnessing some of the best growth numbers in Europe today.”

Across the 21 European countries, Turkey had the highest growth in takings at the tills, up 8.9 per cent, while Greece had the biggest decline: -7.2 per cent.

Of the big five western European markets, Spain had the highest growth with an increase of 2.1 per cent.