Wednesday, August 03, 2022

Kenneth Fox

Retail spending in Dublin grew in Q2 despite inflationary pressures.

Spending in the Dublin economy increased for a fifth consecutive quarter in Q2 2022.

The Q2 months are April, May and June.

The latest MasterCard SpendingPulse, produced on behalf of the four Dublin Local Authorities, shows that total retail spending in the Capital increased by 1.6 per cent in the quarter despite rising cost of living challenges.

Q2 spending was buoyed by particularly strong growth in expenditure on Entertainment sector which rose 9.2 per cent, aided by the lifting of Covid-19 restrictions and the early summer tourism season.

Discretionary sales also grew by 3 per cent, highlighting Dublin consumers’ ongoing willingness and ability to spend their disposable incomes in the face of increasing prices.

There were also expansions in expenditure on necessities up 1.5 per cent and household goods up 1.7 per cent in the quarter.

Retail spending in the Capital experienced a steady increase of 7.4 per cent which is largely attributable to the removal of the public health restrictions that were in place in 2021.

At the national level, total retail spending was marginally stronger than in the Capital up 8.3 per cent.

Similar to Dublin, pent-up demand in the hospitality and tourism sectors contributed to a strong increase in Entertainment spending up 104.5 per cent across the country.

There was a modest increase in household goods spending up 4.2 per cent.

Tourism spending in the Dublin economy continued to recover in Q2 2022 with growth of 8 per cent.

Speaking about the data, Michael McNamara, global head of SpendingPulse, MasterCard, said: “One silver lining to the crowds at the airports is that tourism spending is recovering nicely in Dublin and across Ireland.

“Entertainment spending has also posted impressive results along with a strong rebound in discretionary spending. The net result is that while the long queues due to the travel recovery are challenging, the positive economic impact on the community and the country are compelling.”

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