The value of retail spending by consumers in Dublin continued to grow in the third quarter of 2022, driven by price inflation.
The latest MasterCard SpendingPulse, produced on behalf of the four Dublin local authorities, shows that total retail spending in the capital increased by 1.3%, compared to the last quarter, and 6.5% year on year.
However, there is evidence that consumers are purchasing smaller volumes of products, albeit at higher prices.
The 6.5% annual growth in retail spending in the capital was driven, to a large extent, by a 58% increase in the entertainment category, as hotels, bars and restaurants recovered.
Positive Yet Modest Growth
Growth was positive yet modest in the five categories covered by the MasterCard SpendingPulse.
Discretionary expenditure rose by the greatest proportion, with a quarter-on-quarter expansion of 3.4%.
Michael McNamara, global head of SpendingPulse, MasterCard, said that higher prices compared to a year ago helped to drive retail sales growth rates over the past three months across the country.
“The growth in necessities, household goods, as well as discretionary spending, are all up in the low single digits, while the recovery in tourism spending drove 58% growth in the entertainment sector in Dublin, and 55% growth in Ireland overall.”
© 2022 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. For more retail news, click here. Click subscribe to sign up for the Checkout print edition.
