New carsales slump setto continue
New car sales could fall below the 50,000 mark next year for the first time since 2012, according to Richard Ramsey, Ulster Bank chief economist Northern Ireland.
Mr. Ramsey was commenting on the latest SMMT new car registrations for Northern Ireland which indicated the weakest October in seven years when there were 3,168 sales following the weakest September in 13 years.
He stated: “We have already seen a variety of indicators pointing to a lack of consumer confidence in Northern Ireland. With economic conditions deteriorating markedly in recent months the outlook for consumer sensitive sectors is set to weaken too. 2020 could well see new car sales fall below the 50,000 mark for the first time since 2012.”
During the twelve months to October 2019 there were 51,248 new cars sold, 6,500 (11%) fewer than mid-2016.