However, Visa’s Irish Consumer Spending Index shows modest June improvement

Spending increased by 1% during the quarter on an annual basis, with growth now having slowed in four successive quarters
Spending increased by 1% during the quarter on an annual basis, with growth now having slowed in four successive quarters

Consumer spending recovered somewhat in June, but the second quarter was still the weakest for almost three years, according to Visa’s Irish Consumer Spending Index.

The index, which measures expenditure across all payment types including cash, cheques and electronic payments, shows there was modest growth in consumer spending year-on-year in June, with a 1.6 per cent increase.

While this was the quickest rate of expansion in the past three months, the quarter overall was the weakest for almost three years since the index began.

Spending increased by 1 per cent during the quarter on an annual basis, with growth now having slowed in four successive quarters.

In terms of eCommerce, which was the principal driver of the overall expansion in consumer spending, there was a 7.2 per cent year-on-year increase. This was little-changed from that…