There was a 5.6% increase in overall consumer spending in August according to Visa Europe's latest Irish Consumer Spending Index.

This represents the joint-second fastest rate of growth in consumer expenditure over the last 12 months.
 
The Visa Europe Irish Consumer Spending Index showed that online shopping remained a key growth channel during August, with expenditure online up +10.2% year-on-year. Face-to-face spending continued to record strong growth of consumer expenditure, with the latest increase of +3.7% only slightly weaker than the record rise of +3.9% seen in the previous month.
 
All monitored sectors recording growth. A spike in spending on household goods (+11.9%) was recorded, while hotels, restaurants & bars (+10.9%) and recreation & culture (+9.4%) also remained areas of strength as consumers spent money on going out. 

There were further signs of an acceleration in the rate of growth in expenditure on clothing & footwear, which rose +9.3% over the year, the sharpest pace of expansion seen in the 12-month series so far.
 
Conor Langford, Country Manager, Ireland, Visa Europe commented, "August saw the sharpest rise in spending on clothing and footwear over the past twelve months, a key time of year due to factors such as back to school purchases.

"There was also a significant increase in spending on household goods, with evidence that electronics stores were one of the main beneficiaries of this trend.  

"The real positive is that consumer spending has risen across all sectors this month and this also marks twelve months of consecutive growth in household expenditure, which will provide a positive boost to Ireland’s overall economic performance." 

Source: www.businessworld.ie