The worldwide economy continues to heat up as spending in Ireland soars 5.6% year-on-year (YOY) in June. Online spending accelerated by 13.6% YOY also in the second quarter.
There was a marked and accelerated growth in consumer expenditure in Ireland during June as households increased spending on a range of discretionary goods and services, while also making more purchases of big- ticket items such as holidays and cars.
According to Visa Europe’s Irish Consumer Spending Index, spending rose by +5.6% on a year-on-year basis during June – the best recorded growth since Visa Europe started to monitor data. Moreover, the average increase for the second quarter of 2015 as a whole was, at 4.6%, an improvement on Q1’s 4.4%, highlighting the continued positive performance of the Irish economy during the first half of 2015.
The latest data showed a large jump in expenditure for online goods and services. The rate of growth for total online spending was, at +13.6%, a series record and considerably higher than May’s +6.0%. Face-to-face spending rose at a healthy, but slightly softer, pace of +2.5%.
Online spending with travel agencies was up sharply, while there was also a marked rise in expenditure at cinemas (both via online and face-to-face purchases). This helped to push overall spending markedly higher in the Recreation & Culture category (+9.1%) compared to a year ago.
Meanwhile, a strong increase in spending with airlines and on cars (both used and new) drove a +7.4% increase in expenditure in Transport & Communication. As has been the case in recent months, spending also rose sharply in the Household Goods category (+11.9%).
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