Saturday 24 February 2018

Irish consumer spending experiences slower than average growth

Stock photo
Stock photo
Ellie Donnelly

Ellie Donnelly

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.

Online Editors

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business