Visa: Consumer spending continues to rise

Contactless is faster for consumers, but also saves processing costs for retailers, according to Visa
Contactless is faster for consumers, but also saves processing costs for retailers, according to Visa

Visa has published the latest report in its Irish Consumer Spending Index, which tracks spending habits and expenditure across all payment types in order to identify trends as well as overall economic performance.

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11 July 2017 | 0

Visa’s latest Consumer Spending Index has revealed the second quarter of 2017 has been the weakest in terms of spending growth since the Index was established almost three years ago. While spending increased by 1.6% overall, this represents a slowing of growth for four consecutive quarters. Face-to-face spending also contracted for the ninth consecutive month, continuing the split between this type of spending and eCommerce.

Online spending was the principal driver of growth during the period, showing growth of +7.2% year-on-year, similar to May’s figure.

Spending growth increased across all but one of the monitored segments in June – the one being Transport & Communications, where expenditure decreased by 3%.

The strongest areas of growth were Household Goods (+8%) and Hotels & Restaurants (+6.8%).

Philip Konopik, country manager for Visa Ireland, observes that growth in Irish consumer spending is indeed levelling out after a considerable period of growth. “There was still an uptick in June,” he says, ” and it will be interesting to see if this leads to further expansion over the summer or whether consumer confidence becomes more cautious, given the potential for future shocks.”

 

 

 

 

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