Entertainment bolsters subdued retail spending in Dublin
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Growth in retail spending in Dublin slowed between July and September as higher levels of expenditure on entertainment compensated for subdued discretionary and household spending, a new report shows.
According to the latest MasterCard SpendingPulse, which is produced on behalf of the four Dublin local authorities, the value of retail spending between July and September grew by 1.1% compared to the same period last year.
This marks over four years of consistent spending growth in the capital.
According to the report, growth over the quarter was heavily influenced by entertainment spending with expenditure on hotels, bars, and restaurants rising by 5.7% year-on-year. The report said this is likely influenced by several factors, including the ongoing recovery in the tourism sector, and the hosting of big ticket events such as Coldplay’s concerts at Croke Park.
Spending on necessities in Dublin has expanded largely in line with the current grocery inflation rate nationally. An increase of 2.6% year-on-year was recorded.
Growth was subdued in the remaining categories of discretionary, up 0.3%, and household goods, up 0.2%.
Spending online in Dublin rose by 1.2% year-on-year.
International tourism was a driver of the retail spending growth seen in Dublin during the third quarter.
Expenditure by visitors to the capital rose 3.3% compared to the same period last year. This provided a timely boost for the sector and the economy more generally in what is a somewhat challenging operating environment.
There was strong growth in spending by visitors from the US — increasing 4.1% over the quarter.
While only representing a small portion of total retail expenditure, Chinese tourist spending expanded by similar rates in Dublin, up 3.6%, and nationally, up 3.7%, over the quarter.
Spending by UK visitors increased by 0.3% while spending by German visitors declined by 1%. The French market was an outlier with spending declining by 22.9% in Dublin and by 18.6% nationally.