Thursday 23 February 2017

Irish consumer spending increases 9.7pc in April

Michael Cogley

Michael Cogley

Photo: PA
Photo: PA

Consumer spending in Ireland increased at the second strongest rate of growth recorded by Visa in April.

According to Visa Europe's Consumer Spending Index, Irish consumer expenditure increased by 9.7pc year on year in April.

Online shopping was the main driver of growth during the month, with the Irish web spend increasing by 18.7pc, when compared to the same month in 2015.

Face-to-face sales also increased during the period, quickening to 5.7pc growth from 3.9pc in March.

Visa Europe Ireland country manager Philip Konopik said: “Despite the potential impact of uncertainty surrounding the negotiations of the formation of the next Government on consumer sentiment, there was no effect on Irish consumer spending. 

"In fact, the rate of growth accelerated and the second strongest performance was recorded since we began the Consumer Spending Index.”

Mr Konopik went on to say poor weather incurred an increase in eCommerce with increased spends on recreation and culture a sign of increased optimism amongst households.

Markit senior economist Andrew Harker said consumer spending in the month experiences an "impressive rebound".

"Once again, eCommerce was the star performer as households revealed a preference for going online instead of heading to the high street. This could partly be due to the unseasonably cold weather in April which also harmed clothing retailers. The arrival of warmer weather in May could help to reduce this trend," Mr Harker said.

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