DAVY VIEW

Retail sales bounced back by 38% in June, recording 3.5% positive annual growth, led by food and beverages (+19%), supermarkets (+18%), DIY (+30%) and furniture (+25%). However, the high street is still suffering declines: clothing and footwear (-16%), department stores (-16%) and newsagents (-40%). Also, retail accounted for only 35% of personal credit/debit card spending in 2019 and does not include hard-hit sectors such as accommodation, bar sales, personal services and transport. So the recovery in Irish consumer spending is far from complete.