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THE VOLUME of retail sales recorded in Ireland was virtually unchanged in October, as ongoing weak levels of domestic demand kept sales at close to their lowest point since the economy collapsed.
Data published by the Central Statistics Office showed that its Retail Sales Index – the measure of the volume of sales recorded, as distinct from their value – rose by 0.1 points from to 91.1 in October.
When the value of those sales was taken into account, the index was unchanged at 86.5 – remaining at its lowest point of the modern era.
At the same point last year, the volume index was at 94.8 – some 3.7 points higher than now – while the value index is now 3.3 points lower than its value of October 2010.
When motor trades are excluded from the volume index, the moderate gain turns into a 0.2 point decrease, with books and newspapers showing the highest month-on-month decrease as sales fell 2.8 per cent.
Department stores (-1.9 per cent) and electrical goods (-1.7 per cent) also saw sales take a significant dive, though sales of fuel (+1.7 per cent), furniture and lighting (+1.3 per cent) and motors (+0.9 per cent) were all up.
Last month’s indices marked a modern low in both the value and volume ranks – a lull which is continued in the value index.
Retail sales are down around 20 per cent from their peak of 2007, while the value of those sales is down by over a quarter.
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People have no money (or massively reduced spending power), get the hint. People have lost money from austerity measures and have lost jobs. Wages, for those who are employed, are flat or worse for most people. Inflation has also not stopped, energy, insurance and medical costs are still climbing food is starting to cro up now too.
COS WE’RE BROKE!
I think we’ve had a reality check and realised that we don’t actually need most of the crap we were buying before.
Nah, no need to worry, start of next year it’ll bounce right up with the VAT increase. SORTED.
Ah yes the VAT increase; like giving a stroke victim a nice sharp boot to the head.
The government get it alright.. we were gorging ourseleves on high wages and handouts from giveaway Bertie and his cronies. The IMF want this economy deflated. From now on we’ll all be working, if we have work.. for less money. prices will come down accordingly and we can build again. Its going to be a painful trip.
Talk about enda kenny wit his tail between his legs and following merkel & sakozy around like a lap dog… No we as a country are not broke 36000 people in dis country ave a huge net worth but our so called gov will not tax dem at a higher rate instead they have decided to tax d low paid wokers and d unemployed. We cant hand them brown envelopes full of cash so dey ave to keep dem sweet-lots of people ave come out with away tat we can get our deficit dwn wit out hurtin d must vulnerable peopl in our society, but no our school teacher finance minister wont hurt dem. it sickens me to d teeth knowing tat these shower of self serving school teachers will probably be elected again. D true peoples party is sinn fein, i hope d people of ireland will take a chance on dem, cant be worse then what we have already! At least they would make d wealthy take the hit not the poor. Thats y media outlets always go for the jugular when there is an election cacking it that their high salary might be cut.
Wotz wit d spelin Aisling? L8r m8!!
I really believe that the retail sector nor the Government understand the basic principals of economics “supply & demand” when price goes up, demand goes down, Ceteris paribus! Which is not the case in ireland due to low emploment & high taxs!
Not to worry, a 2% VAT increase will help create a new low-record next year, and keep the dole queues swelling with the workers who make, transport and sell these goods.
That’s simply propaganda Patrick. Prices will not come down. The purpose of deflating incomes is to minimise costs to business and create higher profits, not to reduce prices. What do you think “growth” is, and how do you think it would be achieved by inflicting mass poverty on the population with increased taxes and draconian cuts in wages???
It will, however, be a painful trip indeed. For some of us. The unemployed in particular will endure much pain as the government attacks their meagre income in order to force them into slave labour. Anybody requiring medical attention will, quite literally, be feeling intense pain as services are cut to the bone and even those earning around the average wage will be forced to tighten their belts and watch the pennies. The pain becomes less intense for the high earners and the privileged in society though. The cuts and tax hikes announced so far will have much less impact on them.
Nothing that VAT increase wouldn’t solve ;)
Judging by the crowds in dundrum shopping centre yesterday sales have done a complete u turn and rocketed
Ding Ding Ding!!!! What have we got for them johnny???? . I mean what do they expect!
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