Ireland's Consumer Expenditure Sees 13th Consecutive Month Of Growth
Published on Oct 13 2015 7:18 AM
According to Visa Europe's latest Irish Consumer Spending Index, consumer expenditure in Ireland rose by 5.4% in September, compared to the same period in 2014, representing the 13th month of consecutive growth since the series began.
The top performing category in September was clothing & footwear, with a 13.9% spike in spending – the largest growth in the category since the Visa Europe Irish Consumer Spending Index was established.
eCommerce was also a key factor, posting a fourth successive double-digit expansion of +11.7% year-on-year - its strongest performance in three months. This once again highlights the ever-increasing interest of Irish consumers in online shopping, which is expected to be maintained and to grow further in the run-up to Christmas.
Elsewhere, the household goods and recreation & culture sectors also saw double-digit rises in spending while transport & communication signalled the sharpest annual expansion in the series' history of +7.1%.
Conor Langford, Country Manager, Ireland, Visa Europe said, “Given the contribution of consumer expenditure to Ireland’s overall economic performance, our data makes for very positive reading in terms of Ireland’s continued economic recovery.
"Consumer spending rose sharply again in September, which is a positive sign ahead of the upcoming Budget. This confidence is also reflected among the retail community, who are expecting a rise in spending this Christmas.”
Andrew Harker, Senior Economist at Markit, added, "Taken alongside positive news from retail sales, consumer confidence and business surveys, the Irish economy looks in good shape in the run-up to Christmas.”
The full report can be read online at www.visaeurope.com/newsroom/
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