Visa's Irish Consumer Spending Index measured a modest 0.6% increase of Irish consumer spending for May 2017.
Although there is still positive growth occurring, the growth has slowed down immensely since last year the at this time. This number compares to a 0.7% increase from April of 2017, and a 9.2% year-on-year increase from May of 2016.
Philip Konopik, Country Manager, Ireland, Visa said, “Irish consumer spending continued to rise on an annual basis in May, but very slowly and in stark contrast with the same period last year where we saw a +9.2% year-on-year increase.”
Household goods boasted the most overall spending growth, with a 6.2% year-on-year increase. Food and drink also had a 3.2%, staying consistent with having positive growth for the past three months.
Andrew Harker, Senior Economist at IHS Markit said: “Irish households continued to display an element of caution in their spending in May, with Visa’s CSI signalling one of the weakest performances in the past three years.
“The high street is being hit hardest as people search out bargains online in the face of stronger inflationary pressures, with Face-to-Face spending down for the eighth month in a row during May. This contrasts with a pick-up in growth across eCommerce, which continues to drive the overall expansion.”
© 2017 - Checkout Magazine by Patrick Lewers