€3BN SPENDING SPREE ON OVERSEAS WEBSITES Call for more investment in irish retailers

IRISH consumers splashed out €3billion on internet retailers abroad last year, statistics have revealed.

A total of €5billion was spent by us online, although most of the cash went to foreign businesses.

The latest Consumer Market Monitor revealed Ireland’s disposable income is €102billion – overtaking the last peak experienced a decade ago in 2007.

Retail spending has seen the most growth, up 7% last year to €40billion – despite losing 60% of online sales to overseas suppliers. UCD professor of marketing Mary Lambkin said: “Signs are positive for continued growth. The rapidly expanding labour market and rising incomes are two significant factors fuelling spending.

“However, a significant amount of retail spending is leaving the country.

“Only 40% of online retail spending goes to Irish websites which is disappointing for indigenous businesses. This is something that can be improved upon but will require investment in websites and e-commerce platforms, as well as access to decent broadband infrastructure.”

Marketing Institute of Ireland chief Tom Trainor added: “Continuing employment growth is increasing the disposable income in circulation. This has taken us just about back to the level we were at 10 years ago, before the recession stalled the economy.”

The data also revealed big demand in the housing market with 50,000 homes sold last year.

Growth continued in the consumer and construction sectors in 2017 and this trend is expected to endure throughout 2018.

of all internet retail spending went to

Irish businesses online