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Record savings jump as consumer spending collapses
Pic: Shutterstock

29 May 2020 / ireland Print

Record savings jump as spending collapses

Separate figures indicate that Irish households have been saving more money during the COVID-19 pandemic as restrictions have led to a collapse in consumer spending.

The Central Bank said deposits from households rose by €3 billion during April, the biggest increase since the bank began compiling the figures in 2003.

Consumer lending also dropped sharply in April, according to the bank.

Sales down

Official figures also show that the volume of retail sales slumped by 35.4% in April compared with March, when the monthly drop was 12.5%.

Compared with April last year, sales were down 43.3%, according to the Central Statistics Office (CSO).

The CSO numbers also confirmed a turn towards online shopping, with online sales accounting for 15.5% of all sales in April, the highest proportion since the office began tracking this component of spending.

Furniture fall

More than 80% of clothes and footwear sold in April was sold online, though overall sales in this area dropped by almost 75% during the month.

Only two categories recorded increases in sales in April: non-specialised stores, which includes supermarkets, and the food, drink and tobacco category.

Unsurprisingly, bar sales fell by 77.5% during April, while furniture sales plummeted by 83.9%. The motor sector and department stores both saw drops of just over 70%.

Gazette Desk
Gazette.ie is the daily legal news site of the Law Society of Ireland