Shops braced for a new slump
RETAILERS are bracing themselves for another battering this year with consumer spending expected to fall by over 2pc.
Consumer confidence dropped to -25, according to the UCD Michael Smurfit graduate business school and the Marketing Institute of Ireland (MII) consumer market monitor. This drop in consumer confidence had a knock-on effect on spending, as personal savings peaked at 12pc in 2010.
Reasons behind the decline include the Budget, IMF bailout and Government uncertainties as the Irish index dropped below Britain by 30pc and EU by 24pc in the same period. Overall, retail sales, excluding the motor trade, stabilised in 2010 as the volume of retail sales decreased by just -1.8pc in 2010.