Consumer spending up 2.7% in March

Consumer spending grew in March by 2.7% compared to the same month last year.

Visa’s Irish Consumer Spending Index, produced by IHS Markit, says that spending increased by the greatest extent in five months.

However, the first three months of 2019 has seen 0.8% growth overall, the slowest first-quarter increase in the index's five years in operation.

The return to growth of overall expenditure mainly reflected signs of revival on the high street, with face-to-face expenditure up for the first time since last October (+2% year-on-year).

Spending via eCommerce also increased by 4% in March.

Household Goods posted the strongest expansion in March, seeing spending rise at a substantial pace of +16.6% year-on-year. Marked increases were also recorded in Health & Education (+9.9%) and Hotels, Restaurants & Bars (+7.1%).

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