Visa: Consumer spending continues to rise
The Budget for 2018 is about to be unveiled by the Taoiseach and Minister for Finance, but Irish shoppers are showing no signs of tightening those purse strings yet, according to Visa's latest Consumer Spending Index.
9 October 2017 | 0
It’s budget time again, and while the Government is preparing to break the bad news as to how our pay packets are going to look over the next 12 months, Irish shoppers’ confidence is reaching new heights. That’s according to Visa’s latest Consumer Spending Index, which has just been published.
A 3.1% year-on-year growth is the main takeaway from the document, along with the first increase in face-to-face spending in a year. This should come as a relief to the industry, which has been anxious about the threat posed by online shopping.
The increase in face-to-face spending was the first such rise in a year. At 1.8%, it was a modest increase, but represents a significant turnaround for the sector following a fall of -2.2% in August, preceded by a consistent decrease over the previous eleven months.
That said, eCommerce also surged this month, as it has done consistently. Year-on-year, eCommerce spending grew by 5.4%.
With regard to individual segments, the household goods sector posted the strongest expansion of the eight monitored categories, with a growth of +10.8%. Hotels, bars and restaurants were up +8%, while the recreation and culture sector was also a strong performer, growing by +5.3% for the month.