Black Friday deals give Irish consumer spending a boost
The latest edition of Visa's Irish Consumer Spending Index has revealed that Black Friday sales encouraged a sharp year-on-year rise in Irish household expenditure during November.
8 December 2017 | 0
Visa’s latest consumer spending index has revealed that the recent “Black Friday” phenomenon caused a sharp year-on-year increase in household spending for November.
The index, which measures expenditure across all payment types (cash, cheques and electronic payments), pointed to a marked acceleration in the rate of growth in consumer spending. Expenditure was up +5.0% year-on-year, much faster than the +0.7% rise in October. In fact, the expansion was the strongest since September 2016.
Growth in expenditure was broad-based between the face-to-face and eCommerce channels, with the expansion slightly faster on the high street. Face-to-face spending rose +5.1% year-on-year, the sharpest increase for a year-and-a-half. Face-to-face expenditure has now risen in three successive months as the high street mounts a recovery following an 11-month sequence of decline.
eCommerce spending rebounded in November following the previous month’s reduction. Expenditure was up +4.8% year-on-year, as Irish online shoppers sought out deals on Cyber Monday.