Irish consumer spending on all payment types increased by +6.1% year-on-year in July. This was the second successive acceleration of growth, improving on the +5.6% increase in June.
Visa Europe’s Irish Consumer Spending Index also revealed the latest rise in household expenditure was broad-based, with the majority of monitored sectors seeing strong expansions over the year.
Despite the continued poor weather in July, the rise in Irish consumer spending was unabated. Household spending increased sharply in a number of areas including on hotels, restaurants & bars (+7.9%) and recreation & culture (+12.0%). Consumer expenditure on clothing & footwear was also notable as the sector has now experienced nine months of consecutive expansion, recording a year-on-year rise of +7.8% in the latest data.
The growth in popularity of online shopping is also reflected in the latest Visa Europe’s Irish Consumer Spending Index. eCommerce spending rose by +11.4% compared to July last year, albeit the rate of expansion eased slightly from +13.5% in June. The rate of expansion in face-to-face spending accelerated in July. At +3.8%, the annual increase in face-to-face expenditure was the fastest in the series to date. The rise was led by the food & drink and household goods sectors.
The rate of expansion in face-to-face spending accelerated in July. At +3.8%, the annual increase in face-to-face expenditure was the fastest in the series to date. Growth was led by the food & drink and household goods sectors.
For data, background and forecasts on Visa Europe: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items)