Posted on Tuesday 29 July 2014 by Ulster Business
Northern Ireland consumers have started spending more on shoes, according to Deloitte
Northern Ireland’s consumers are getting more confident and able to splash out on new clothes and shoes, according to research from Deloitte.
Its Consumer Tracker survey found spend on footwear and clothes had increased by 20% in the second quarter of 2014 as the economy recovers and personal economic sentiment improves.
Deloitte found overall consumer confidence increased 16% in the last 12 months and that in turn helped persuade anyone with disposable income to hit the shops.
“It’s great to see that the boost in consumer confidence is translating into a rise in discretionary spending,” David Crawford, Partner at Deloitte said. “With people feeling more confident about their finances, many are admitting to spending more on non-essentials which will hopefully give the Northern Ireland economy the boost it needs.”
The boost to confidence comes following news the UK’s economic output had breached the level reached prior to the economic downturn, a milestone in the recovery. While Northern Ireland’s economy still has some way to go, the positive effects are still being felt here.
“The UK economy is back to pre-crisis levels and has gone from being the world’s growth laggard to a growth leader,” Mr Crawford said. “Not only is UK growth likely to outpace the other major industrialised nations this year, it is also likely to outpace some emerging economies.
“Crucially, growth is broadening out and looking more sustainable, with corporate hiring and capital expenditure playing a bigger role. This recovery has legs.”