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Retail spend in capital rose again in second quarter

By August 9, 2023No Comments

Retail spending in Dublin rose again between April and June, the ninth consecutive quarterly increase.

Spend was up 1.1% on the previous quarter and 4.7% on the same period a year earlier, according to the latest MasterCard SpendingPulse, produced in conjunction with Grant Thornton and the four Dublin local authorities.

However, while strong domestic demand was likely a big contributor to the growth, so too was inflation, which remained high during the period.

Compared with the second quarter of last year, Dublin retail spending growth at 4.7% was similar to the national inflation rate across the period.

Spending by tourists in the capital was mixed, with overall spend rising 3.1% quarter on quarter, driven by the US market.

But spending from those visiting from the UK and Germany fell by 15.9% and 4.2%.

“In Q2 2023, tourism spending continued to power retail sales results for both Dublin as well as across Ireland,” said Michael McNamara, Global Head of SpendingPulse, MasterCard.

“Building on the large rebound in 2022, overall tourism spending in Q2 2023 was up 14% in Dublin and over 18% across Ireland.”

“In Dublin, the growth rate compared to Q2 2022 was driven by spending by American tourists.”

Entertainment spending grew strongly during the quarter, rising 4.7% compared to the previous quarter and was up 20.7% versus the second quarter of last year.

Discretionary and household good sales also performed robustly expanding 1.5% and 1.4% respectively.

Spending on necessities, which includes groceries, remained on an upward path but the rate of growth slowed relative to the previous quarter.

“For the country overall, spending on entertainment was up considerably compared to Q2 2022, while spending on necessities was also up over 9% for the second consecutive quarter,” said Mr McNamara.

“For the first half of the year, spending growth rates have been impressive and show the resilience of the Irish economy.”

Article Source: Retail spend in capital rose again in second quarter – Will Goodbody – RTE

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