According to figures published today, retail sales rose at their fastest rate for more than 8 years in November. Seasonally adjusted sales (excluding cars) were 8.9% higher in November 2015 than one year previously.  

Reflecting the extent to which confidence has returned, durable goods sales were particularly strong with retailers of electrical goods (+22%), furniture (+18%) and Household equipment (+17%) all experiencing dramatic growth in turnover.  

However, despite the loss of Clerys and the impending closure of Boyers, Department Stores also enjoyed a 14% increase in sales as consumers got into the pre-Christmas buying mode.

While the December figures will not be available until next month, Dr. John McCartney Director of Research at Savills said that all the signs indicate that 2015 saw the strongest pre-Christmas trading for many years – despite 2015 having the wettest December on record.  

“Anecdotal reports from retailers indicate that they enjoyed brisk trading in the run into Christmas and this is corroborated by the latest exchequer returns which show a 7% increase in December VAT receipts.”

Interestingly, however, footfall figures suggest that people postponed their Christmas shopping to later in December than usual due to bad weather.

“Despite all the good economic news, footfall on Dublin’s main shopping streets in the early part of December was down on last year. However this turned around sharply in the week before Christmas, with footfall up 9% on Grafton St. and Henry St. as the weather improved and the big day got nearer.”

Reflecting the strength of the consumer economy Savills is forecasting 15% growth in Grafton Street rents in 2016.