Irish consumer spending experiences slower than average growth
Irish consumer spending is up 4.2pc year-on-year in March, however growth remains slower than average.
eCommerce spending has accelerated sharply to 18.1pc year-on-year, but face-to-face expenditure declined for the sixth successive month the latest data from Visa's Irish consumer spending index show.
Transport & communication remained the strongest performer on a sectoral basis, seeing growth in spending quicken to a four-month high of 12pc year-on-year.
Four of the eight monitored sectors posted a return to growth in March following declines in February.
A particularly strong rebound was seen in recreation & culture, where spending was up 7.5pc on the year, the strongest rise since November last year.
Food & drink expenditure rose modestly on an annual basis in March, up 1.4pc.
“Irish consumer spending continues to rise, albeit at a reduced pace, with March recording the sixth month in a row where the rate of growth was less than five percent,” Philip Konopik, Country Manager, Visa Ireland said.
The two categories that continued to record declines in expenditure were clothing & footwear and hotels, restaurants & bars.
“Face-to-face spending has been in decline for the past six months and the clothing & footwear sector is particularly challenged. The ongoing bus strike has impacted regional businesses and it could hold face-to-face spending back,” Mr. Konopik said.
The Visa's Irish consumer spending index began in 2014.