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Updated 12.44 pm
SPENDING THIS CHRISTMAS is only marginally up on last year, disappointing retailers that were expecting a greater bump in sales.
Retail Excellence Ireland (REI) says, as a result of these slower than expected sales, “major discounting” is likely in the post-Christmas period as retailers seek to reduce stock levels.
The research by largest retail industry body found that the busiest day in the run up to Christmas 2014 was 2 December, when the secondary school teachers strike coincided with this month’s children’s allowance payments.
Despite this, REI’s Seán Murphy says that “trading failed to ignite across Ireland” over the last few days in the Christmas run-up.
“Christmas 2014 will trade marginally up on Christmas 2013,” he estimates. “It would seem that while all the indicators pointed to a vibrant Christmas 2014, the fact is that seven years of frugality is a hard habit to break.”
Home for Christmas
Provincial Ireland enjoyed a reasonable increase as returning emigrants boosted sales.
Giving experiences
More and more people are gifting experiences rather than off- the-shelf retail presents.
Quality over quantity
There’s a a notable decrease in the number of items purchased this Christmas with people preferring to ‘buy less, but buy better’.
Frozen
The most popular toy of 2014. Simples.
Self-gifting
Many retailers are reporting that people are indulging in more discretionary spending on themselves this Christmas.
Home decorations
REI say there’s been a noted return to people getting the house set for Christmas.
Predicting the sales
REI is predicting that, because of slower than expected pre-Christmas splurging, the New Year sales period will be “one of the best on record”.
Most online retailers are expect to begin sales on Christmas Day itself with more “big ticket” items like home improvement purchases expected to be bought later in the month.
Read the full REI report here >
- First published 7am
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