Irish Consumer Spending Falls For Second Month In A Row In October
Published on Nov 13 2019 9:43 AM
Irish consumer spending has fallen for the second month in a row in October.
Expenditure showed a 1.4% decrease last month, the recently published Visa’s Irish Consumer Spending Index, produced by IHS Markit showed.
“Halloween failed to provide a boost this year, with the report indicating a slowdown in consumer spending during October, as half of the sectors monitored posted falls in expenditure," said Philip Konopik, Ireland Country Manager, Visa.
Despite the fact that the decline was less marked than the 2.1% decrease in September, the research highlighted that spending has now fallen on a monthly basis in five of the past six months.
The report which measures expenditure across all payment types (cash, cheques and electronic payments) showed that face-to-face spending continued to fall at a solid pace and fell by 2.8% last month.
In all, expenditure on the high street has now decreased in five of the past six months.
"The Irish retail community will be hoping for a change in fortune in the run-up to Christmas.” Konopik highlighted.
The Food & Drink sector fell by 0.3% during the period and Recreation & Culture spending decreased for the first time in six months and showed a 2% decrease last month.
Miscellaneous Goods & Services dipped by 3.3% and Clothing & Footwear posted the sharpest fall in spending during October, seeing a 3.4% decline.
“Spending trends remained subdued at the start of the final quarter of the year, with a lack of confidence among consumers leading them to rein in their spending," explained Andrew Harker, Associate Director at IHS Markit.
On a more positive note, a marginal increase was recorded Hotels, Restaurants & Bars, which showed a 0.8% rise.
© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.