Irish consumer spending has fallen for the fourth consecutive month, research shows.
The Visa’s Irish Consumer Spending Index, produced by IHS Markit, signalled a renewed downturn in household expenditure in September.
“We are seeing a clear trend of a slowdown in Irish consumer spending with falls in household expenditure in four of the last five months," highlighted Philip Konopik, Ireland Country Manager, Visa.
The study showed a 2% decrease in spending year-on-year, the fall was the second-fastest since the series began in September 2014, behind only that seen in June.
The reduction in September followed a 6% rise of in August.
Expenditure decreased across both face-to-face and online channels during September.
Face-to-face spending decreased for the fourth time in the past five months, and at a solid pace.
The reduction in eCommerce online spending was more modest by comparison but ended a two-month sequence of expansion.
“These are challenging times for Irish retailers, with consumers seemingly reining in spending in line with declining confidence," added Andrew Harker, Associate Director at IHS Markit.
© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.