Halloween sees spending index hit four-month high
Visa has published its regular Consumer Spending Index, which tracks expenditure across all payment types to give a snapshot of consumer spending habits. October was a strong month, with the Halloween treats and snacks season pushing consumer spending to a four-month high, while household spending was the highest in the field once again.
13 November 2018 | 0
Visa’s Irish Consumer Spending Index has highlighted a pick-up in momentum at the start of the fourth quarter of the year. Household expenditure was up +4.0% year-on-year, the fastest in four months following a modest rise of +1.5% in September.
Analysts say that the boost was promoted in part by Halloween spending, which benefited a number of categories as households engaged in the customary celebrations that include purchasing decorative items as well as an abundance of sweets and confection. The Household Goods category (which includes home improvement items like lighting and props) saw a +14.4% year-on-year spike in spending; the best for almost three years.
The rate of growth in eCommerce spending quickened markedly to a six-month high of +7.7% year-on-year in October. Meanwhile, expenditure on the high street was up +2.2% on an annual basis, the best performance since June. High street expenditure has now risen on an annual basis in each of the past 14 months.
The index revealed improvement across most of the eight broad categories covered, led by the aforementioned growth by Household Goods (+14.4%) for the sixth successive month. Sharp and accelerated rises in expenditure were also recorded in the Recreation & Culture (+9.3%) and Transport & Communication (+8.3%) categories. The Hotels, Restaurants & Bars (+5.9%) and Food & Drink (+1.2%) categories both recorded positive growth. The only sectors to see spending fall year-on-year were Clothing & Footwear (-1.2%) and Miscellaneous Goods & Services (-1.1%). The -1.2% reduction in Clothing & Footwear expenditure was the fourth in as many months, and the most marked since March 2017.
Shoppers were clearly in the mood to mark the annual Halloween celebrations with both high street and online spending recording growth,” said Philip Konopik, Ireland country manager for Visa. “Recreation and culture performed particularly well as families enjoyed the Halloween celebrations and mid-term break. It was a positive start to the final quarter of the year and hopefully the momentum will continue as we head towards the festive season.”