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Saturday 1 October 2016

Consumer spend continues to rise despite Brexit

Published 09/08/2016 | 02:30

Visa's Ireland manager Philip Konopik Photo: Maxwells
Visa's Ireland manager Philip Konopik Photo: Maxwells

Households upped their spending last month despite the impact on confidence of the UK vote to leave the European Union.

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Restaurants, bars and hotels are the big beneficiaries of the increased level of spending by consumers.

New figures from the Visa consumer spending index show spending in cash and on cards was up 6.4pc in July.

This was higher than the increase in June, the payment card processing card company said.

Household spending has risen over the past 23 months of the series so far, but the latest increase is higher than the average over this period.

Spending on payment cars, cheques and cash expenditure is captured in the survey, Visa said.

The big increase was in spending on online goods and series, with expenditure rising almost 10pc in July compared with the same month last year.

Spending in shops was up close to 5pc, faster than the rise in June.

Consumers also increased what they are spending on recreation and culture.

The researchers said there was evidence of higher expenditure on food, drink and tobacco, along with elevated levels of spending on clothing and footwear.

There was a rise in amount of cash and card spending in hotels, bars and restaurants.

Ireland country manager for Visa Philip Konopik said there was no sign yet in a let-up in spending by consumers here, despite the Brexit vote.

"While there is some economic uncertainty at the moment, we have not seen an impact on Irish consumer expenditure as yet with household spending continuing to rise," he said.

Irish Independent

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