Irish consumer spending continued to increase at a sharp pace during August as household expenditure rose +5.6% year-on-year (YOY). However, it was slightly weaker than the +6.1% expansion recorded in the previous month but still the joint-second fastest in the 12 months of the series so far.
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.
The latest expansion continued a trend which has been seen throughout the year of data availability to date. As well as on the annual measure, spending also increased on a quarterly (+2.9%) and monthly basis (+1.8%) in August.
E-commerce continued to expand sharply during August, with growth again outpacing that seen on the high street.
Double-digit growth in online spending was recorded for the third successive month, although at +10.2% the latest increase was slightly down on those seen in June and July. Strong expansions were seen in the household goods and transport & communication sectors.
Although weaker than recorded online, growth in face- to-face spending remained solid in August. Expenditure was up +3.7% year-on-year, supported by steep rises in spending on household goods and at hotels, restaurants & bars.
The increase in spending at hotels, restaurants & bars was the fastest in the series history, and this was also the case in the clothing & footwear sector. Recreation & culture remained one of the best-performing sectors during the month.
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).