Visa predicts record weekend for Irish shopping online
Visa Europe has predicted that a record €98m will be spent by Irish consumers online with Visa cards between Black Friday and Cyber Monday.
If the estimate is accurate, it would represent an 18% increase on the €83m spent by Irish consumers last year.
The company said it expects €31m to be spent online on Black Friday, before peaking on Cyber Monday when €33m in online purchases is expected to be made.
Visa bases its predictions on spending data and previous years’ Christmas spending trends.
The company says that €1 in every €3 in Ireland is spent on a Visa card.
Commenting on the data, Conor Langford, Ireland Country Manager, Visa Europe, said: “This is shaping up to be a huge weekend, online and in-store, for Irish retailers.
“We’re looking at a potential combined €128m being spent on Black Friday alone as retailers discount across all their channels.
“We expect that this positive momentum for the retail sector will continue in December in the countdown to Christmas.
“Online shopping continues to explode in popularity in Ireland, with Irish Visa cardholders expected to spend €22,916 online every minute during the course of Cyber Monday.
“The spike in spending will be driven by Irish consumers placing online orders in a bid to ensure their gifts arrive before Christmas.”
“The forecasted €33m spent online on Monday will represent a new record by Irish consumers.
“The rising popularity of online shopping can be attributed to consumers making more purchases on the go with devices like smartphones, as well as increased confidence due to the security features and protection associated with Visa cards.
“We are also helping more Irish companies to take advantage of the possibilities that eCommerce presents by making sure that online spending is safe and convenient.”
