Irish consumers spending more this summer

New figures show the Brexit vote didn't hamper retail in July

Irish consumer spending jumped 6.4% year-on-year for July, according to Visa's Irish Consumer Spending Index (CSI).

This was up from the 6% increase seen in June, and suggests the UK's decision to leave the EU hasn't had any great effect on Ireland's retail activity.

Household spending has risen throughout the 23 months of the series so far, with the July increase proving slightly stronger than the average over the period.

Philip Konopik, Visa's Irish country manager, said:

“While there is some economic uncertainty at the moment, we have not seen an impact on Irish consumer expenditure as yet with household spending continuing to rise."

While online spending rose 9.9% year-on-year during July, it was its slowest expansion since March.

The fastest rise in spending, once again, was in recreation and culture. Growing 11.5% year-on-year, it was the only sector to post double-digit expansion for the month.

Andrew Harker, Markit senior economist, noted:

“There was no sign of a let up in spending by Irish consumers in July, with growth actually picking up slightly from June.

"There was some positive news for the high street as face-to-face expenditure rose at a faster pace and sectors such as hotels, restaurants & bars and clothing & footwear appear to have particularly benefitted from this."