Irish consumer spending continued to increase at a sharp pace during November as household expenditure rose +7.9% year-on-year (YOY). This represents the sharpest seen in the 15-month series history.
Without adjusting for seasonal factors, growth was also recorded in monthly and quarterly spending during November. The +4.5% month-on-month rise in expenditure was the sharpest since March, while spending was up +3.2% on a quarterly basis.
According to Visa Europe’s Irish Consumer Spending Index spending increased via both eCommerce and face-to-face channels during November, with the sharper rise again in the former.
The rate of expansion in eCommerce spending was +11.2%, faster than the +10.5% increase in the previous month. Double-digit growth has now been recorded in each of the past six months.
Meanwhile, the rate of expansion in face-to-face spending quickened for the second successive month and was the strongest in the 15-month series so far (+6.6%).
Visa Europe’s Irish Consumer Spending Index monitors eight broad sectors. Summary data for annual growth rates in October and November 2015, which are not adjusted for seasonality and trading days, are provided in the table opposite.
Both the household goods and clothing & footwear sectors recorded further substantial increases in spending, in both cases the strongest in the series history. Record rises were also seen in the hotels, restaurants & bars and miscellaneous goods & services sectors, while recreation & culture posted a strong and accelerated expansion.
Health & education and transport & communication were the only sectors to post a weaker rise in expenditure than in the previous month, while food, beverages & tobacco registered a strong increase that was unchanged from that seen in October.
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