Irish consumer spending continued to increase during April on an annual basis, at a growth rate of 4.3% The latest growth rate was robust and consistent with the positive recovery in spending apparent in recent months.
This is according to Visa Europe’s Irish Consumer Spending Index, which takes card spending data and adjusts it for a variety of factors to create a like-for-like comparison of consumer spending. This distinguishes the Index from Visa’s corporate performance, and thereby provides a robust indicator of consumer spending habits.
A growth rate of +4.3% was down on March’s +4.7%, though still healthy nonetheless and consistent with the positive recovery in Irish consumer spending that has been apparent during recent months.
Visa Europe’s Irish Consumer Spending Index data continued to indicate rising levels of household consumption in Ireland during April, maintaining the positive trend seen in recent months.
April’s data indicated that growth of consumer spending in Ireland rose at a year-on-year rate of +4.3%. Although that was down on March’s +4.7%, the latest growth rate was robust and consistent with the positive recovery in spending apparent in recent months.
Drilling below the headline number, April’s dataset showed that retail-facing categories performed especially well, with growth in part driven by strong online sales. Food, Beverages & Tobacco (which includes spending at supermarkets) registered an especially strong performance, with an adjusted growth
rate of +9.2%.
Household Goods also did well, recording growth of +8.6%, while there was a robust rise in spending at Clothing & Footwear merchants (+6.4%).
Highlighting the broad-based upswing in consumer spending, April’s data also showed firm growth in Hotels, Restaurants & Bars (+6.1%) and Recreation & Culture (+4.7%).
Finally, April’s data showed a continued desire amongst Irish households to raise their consumption of online retailing. Figures by channel spend indicated that internet-based spending was up +7.8% on the year. Face-to-face spending rose by a more modest, albeit healthy, annual pace of +2.8%.
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