Visa: Irish Consumer Spending sees further rise
Visa Europe's latest Consumer Spending Index for Ireland has been released, showing a further increase in spending for June
14 July 2016 | 0
The latest Visa Consumer Spending Index has revealed that household expenditure across all payment types (cash, cheques and electronic payments) is up by 6.1% for the month of June, year-on-year. Despite growth slowing slightly compared to previous months (+9.2% and +9.6% in May and April respectively), the growth for June was still higher than the average since the Index was established in September 2014.
With regard to specific sectors, the Irish Travel Agents Association reported that 50% of its members had experienced an increase in bookings for summer 2016, which helped boost the Recreation and Culture sector with an increase in spending of +13.9% year-on-year.
The Index reports an increase in airline bookings in the Transport & COmmunication sector. An 11% increase in expenditure was boosted by Ireland’s participation in the Euro 2016 football tournament. The motor industry reported a 12% increase in new car sales.
Spending on eCommerse was up 15.3% in June, while Face-to-Face growth saw a much smaller 2% increase, the weakest since December 2014.
“Irish consumer spending remains buoyant,” commented Philip Konopik, Ireland country manager for Visa, “with expenditure during the second quarter of 2016 up by 8.3% compared to the same period in 2015.
“While ever sector benefited from the increase in spending, there was marked contrast between the monitored contrast between the monitored categories, with only two sectors recording double digit growth during the month.”