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Index shows weak growth in consumer spending prior to Budget

Index shows weak growth in consumer spending prior to Budget

Visa’s Irish Consumer Spending Index shows that spending in Ireland went up at a slower fee final month, forward of the Government’s Budget being introduced.

The index, which measures spending via money, cheques and digital bills, shows that when put next to a year previous, expenditure rose via 1.5% year-on-year, down from +2.2% in August.

Although growth has now been recorded in each and every of the previous 19 months, the newest upward push in family expenditure was once the weakest recorded since March 2018.

Increases in spending have been observed throughout each Face-to-Face and eCommerce in September. The top side road registered growth for the 13th successive month of one.1% year-on-year, lower than that recorded in August, 2.1%.

A forged annual – Increase of two.3% in on-line spending was once additionally observed in September, even supposing the velocity of growth slowed for the 5th successive month and was once the slowest since January of this year.

    Change in spending in the 8 classes of Visa’s Irish Consumer Spending Index

  • Household Goods, +9.5%
  • Hotels, Restaurants & Bars, +8.2%
  • Recreation & Culture, +4.5%
  • Transport & Communications, +3.2%
  • Food, Beverages & Tobacco, +2.8%
  • Clothing & Footwear, -2.2%
  • Health & Education, -2.9%
  • Miscellaneous Goods & Services, -4.0%

Philip Konopik, Ireland Country Manager, Visa mentioned: “The weak growth in spending recorded in September marks attainable worry from Irish customers, which aligns with the hot drop in consumer self assurance reported in different places – amid components such as the hot Budget announcement and ongoing Brexit negotiations.

“While it’s sure to see sectors such as Household items, Hotels, Restaurants & Bars and Recreation & Culture submit persisted and strong growth, it’s rather regarding to see different classes such as Clothing & Footwear report a 3rd month of contraction.”

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