Irish Household Spending Rose +2.2% YOY In August
Irish household spending rose +2.2% year-on-year in August, research shows.
The rate of expansion remains unchanged from that seen in July (+2.2%), according to the Visa’s Irish Consumer Spending Index, produced by IHS Markit.
“While recent rises in Irish consumer spending remain weaker than average, it’s highly encouraging to see that household expenditure has now risen on an annual basis over the last year and a half," said Philip Konopik, Ireland Country Manager, Visa.
The report which measures expenditure across all payment types (cash, cheques and electronic payments), revealed that face-to-face and online sales record solid growth.
While eCommerce recorded a sharper rate of growth (+2.4%), this represented its weakest expansion since January of this year.
In contrast, Face-to-Face spending rose by +2.1% this month, which means that high street expenditure has now posted twelve successive months of growth.
Household Goods remained the best-performing sector in August, posting the fastest rate of expansion (+9.4%) across the eight categories.
Konopik added: "With the combination of a continued increase in earnings and subdued price inflation, consumers are benefiting from more disposable income to enjoy trips away and recreational activities as the summer comes to an end.”
While most sectors posted rises in expenditure, Clothing & Footwear registered a fall in spending for the second month running, with the rate of decline unchanged from July (-1.1%). Expenditure was also down in Health & Education (-0.3%) and Miscellaneous Goods & Services (-2.4%).
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.