Online Shopping saw record increase in December
Visa Europe's latest transaction figures show more positive growth in expenditure across the retail sector in Ireland
18 January 2016 | 0
Visa Europe’s latest Consumer Spending Index shows a strong end to 2015 for the Irish economy, with total househole expenditure rising by 6.6% across all payment methods from the previous year. This December performance ties in with a strong fourth quarter overall, showing consumer spending up by 7.1% from the same period in 2014.
Meanwhile, December also illustrated a strong increase in eCommer, with spending up by an impressive 16% year-on-year. This represents the strongest growth since the Visa Europe Consumer Spending Index was first created, surpassing the previous record from June 2015. According to Visa Europe’s report, this surge is partially down to a new interest among Irish consumers in “Cyber Monday”, now cited as the busiest day of the year for online shopping.
Three of the specific sectors monitored by Visa Europe posted a double digiot growth in December: Household Goods (+10.8%), Health & Education (+10.7%) and Recreation & Culture (+10.7%). The latter growth was driven by a sharp rise in expenditure at cinemas with the release of Star Wars: The Force Awakens, which has since passed the $1bn mark in global box-office takings.
Meanwhile, only one area marked a slowdown during December, Clothing & Footwear. Unpredictable weather hampered retailers’ efforts to secure sales, according to Visa Europe.
“The growth during December was a positive milestone for the economy,” says Conor Langford, Visa Europe country manager for Ireland. “Festive spending boosted a number of categories, including cinemas, where Star Wars recorded over €3m in sales in just five days.
“Overall, December capped off a very positive twelve months as rising levels of consumer spending continued to contribute to economic growth.”