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Shoppers are spending more on occasions and events while online shopping is slowing down

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According to the latest AIB Retail Spend Outlook report, shoppers increased their spend ahead of occasions and events in the second quarter of the year.

s unconstrained weddings and large events made a comeback in the second quarter of the year, while clothing and beauty sales rebounded sharply, data from AIB showed.

Cosmetics, dresses, shoes and men’s formal wear saw the largest increases in spending.

Apparel sales rose 13 percent year over year in the second quarter. Customers have been eager to return to stores following closures during the lockdown, with in-store purchases up 55 per cent.

However, online clothing sales fell by 18 percent.

This reflected a general trend noted by AIB, with overall in-store sales up 5 percent compared to 2021.

Online sales were down 17 percent compared to the same period last year, when non-essential retail remained closed from December to mid-May.

AIB also noted the increase in people returning to the office or embracing hybrid work, with demand for electronics down 18 percent.

Supermarket sales were also down 2 per cent compared to the same quarter last year, while non-licensed sales fell by almost a fifth as pubs and restaurants stayed open to welcome customers.

“There were no Covid-related restrictions in the second quarter of this year, which had remained in place until early May last year. The data show evidence of some behavioral changes, such as B. Consumers’ return to in-person shopping after being online-only for some parts of the sector for the first half of last year,” said Alan Makim, Head of Retail Sector at AIB.

However, he added that some of the declines in spending could be due to the “current inflationary environment”, adding that for the remainder of the year this will likely be “consumer spending power and attitudes”.

Retail Excellence Ireland chief executive Duncan Graham said autumn consumer spending is likely to be hit by rising costs as the summer sales draw to a close.

“Further price increases are expected into the fall as manufacturing, shipping, energy and labor costs continue to rise,” he said.

“More government action will be needed to help businesses navigate a difficult trading period.”

https://www.independent.ie/business/irish/shoppers-spend-more-on-occasions-and-events-while-online-shopping-slows-41899394.html Shoppers are spending more on occasions and events while online shopping is slowing down

Fry Electronics Team

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