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Consumer Spending Shows Weakest Quarter Of Growth In Three Years

Consumer spending growth in the second quarter of the year has fallen to 1.0% on an annual basis which is the weakest quarter recorded since the Visa's Irish Consumer Spending Index began almost three years ago, according to a statement which it issued today (11 July).

Philip Konopik, Country Manager, Ireland, Visa said: “After spiking in February 2016, the growth in Irish consumer spending has gradually levelled out, with the last quarter representing the weakest degree of expansion since we began the index."

The index which measures expenditure across all payment types (cash, cheques and electronic payments), recorded another month of modest growth in consumer spending year-on-year, with a 1.6% increase in June.

"There was an uptick in June and it will be interesting to see if this leads to further expansion over the summer or whether consumer confidence becomes more cautious given the potential for future shocks." added Konopik.

The strongest expansions reportedly were in the Household Goods which showed an increase of +8.2% year-on-year.

Also, growth of spending also accelerated in Food & Drink which increased by +3.4%.

© 2017 - Checkout Magazine By Donna Ahern

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