Consumers spend average of €15k on home makeovers as loan approvals rise
Published 10/06/2015 | 02:30
Home makeovers are pushing up spending by consumers, a new report has found.
Families shelling out on furniture and electrical goods helped extend the current run of rising consumer spending to nine months.
The latest Visa Irish Consumer Spending Index for May shows overall expenditure increased by 4pc compared with the same period a year earlier.
Experts said growth at this level points to the ongoing recovery of consumer spending in line with an increasingly positive economic backdrop.
One of the best performers was spending on household goods, which was up 8.4pc.
Consumers have been increasing their expenditure on a range of items, such as furniture and electrical goods.
This rise in spending on home makeovers and furnishings has been helped by the Government's Home Renovation Initiative, where taxpayers can claim back some of the cost.
Recent statistics from Revenue show that there is an average of €15,200 being spent on extensions, repairs and window replacements.
Ireland country manager at Visa Europe Conor Langford, said: "One of the trends that Visa's data shows is that homeowners - both new and existing - are increasing their spending on items like furniture and electrical goods."
He added that despite the introduction of new regulations on mortgage lending, there is still a rise in loan approvals and more spending on furniture.