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Spend On Food & Drink Increases 3.2% YOY: Visa

Published on Aug 9 2017 10:14 AM

Spend On Food & Drink Increases 3.2% YOY: Visa

Irish consumer spend has shown a solid increase of 3.2% year-on-year in July, according to the latest Visa's Irish Consumer Spending Index.

Sharp increases across the board showed spend has risen by 2.5% for the same period up from +1.8% in June.

The report which measures expenditure across all payment types (cash, cheques and electronic payments), indicated that 'this was the third month running in which the rate of growth has accelerated, with the latest rise in spending the most marked since March this year.'

Growth of eCommerce spending rose for the third successive month in July, with expenditure up sharply (+8.9%) from the same month a year ago.

“Our latest data shows that the growth in Irish consumer spending remains modest, but encouragingly the rate of expansion has now accelerated over three consecutive months, with eCommerce as the key driver." Philip Konopik, Country Manager, Ireland, Visa said.

This trend underlines the 'growth in popularity' of online shopping among Irish shoppers, but face-to-face expenditure has declined for the tenth month in a row.

The report highlighted that with European Commission, research released in July showed that the strongest growth in the number of online shoppers in the EU last year was in Ireland, where there was a 7.8% increase.

© 2017 - Checkout Magazine by Donna Ahern

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