Visa Europe: Irish consumer spending jumps again
Visa Europe's consumer spending report for September has been published, with yet more encouraging news for the economy
Print12 October 2015
Visa Europe has published its latest Irish Consumer Spending Index, revealing that consumer expenditure rose by 5.4% in September, compared to the same period in 2014. This growth represents the thirteenth straight month of growth since the index was created.
The biggest performer in September was the clothing and footwear category with a 13.9% hike in spending, representing growth for the eleventh straight month. The report states that this growth was driven by back-to-school purchases as well as consumers upgrading their wardrobes in time for autumn and winter.
Meanwhile, e-commerce also enjoyed its fourth consecutive expansion, with an increase of 11.7% year-on-year in September – further evidence of Irish shoppers’ interest in online shopping. This level of growth is expected to continue as Christmas approaches.
Household goods as well as recreation & culture also saw strong growth in the last period, while transport and communications signalled the sharpest growth in the Index’s history by growing by +7.1%. The only sector that did not register growth was hotels, restaurants and bars, where spending remained unchanged from the same period last year.
Conor Langford, Visa Europe’s country manager for Ireland, said that the latest Consumer Spending Index makes for more positive reading. “Consumer spending rose sharply in September,” he said, “which is a positive sign ahead of the upcoming budget. This confidence is shared by the retail community, which is expecting a rise in spending this Christmas.”
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