Visa: Irish consumer spending grows *again*
Visa's latest Irish Consumer Spending Index has been published, pointing to a further increase in spending in July
8 August 2016 | 0
Visa’s Irish Consumer Spending Index for July points to further growth in spending for the month of July. All payment types (cash, cheque and e-payments) are up by 6.4% year-on-year, which is an increase on the rate of growth in June (6.0%). In the 23 months since the Index was established, household spending has risen consistently, while the latest increase is above the average.
Spending on eCommerce continued to driver the overall increase in expenditure, with spending rising by 9.9% in July. High street spending also increased on its rate of growth between June and July, (+4.8% from +1.9%).
Drilling down into the individual spending areas, the Index reveals that Recreation & Culture once again showed the strongest rise in spending (+11.5% year-on-year). Household Goods, Transport & Communications and Health & Education dipped from their June numbers, but remained solid performers.
“Philip Konopik, country manager for Ireland at Visa, commented that spending is still on the rise despite uncertainty following Brexit, illustrating a high level of consumer confidence.