Overall spending in the retail sector in Dublin rose by 0.3 per cent in the third quarter, compared to the second quarter this year. On an annual basis, the value of retail spending rose by 1.1 per cent, according to a Mastercard survey which was carried out on behalf of the four Dublin local authorities.
Spending rose at a more subdued rate in the third quarter, compared to the second quarter.
The entire entertainment sector saw a spending rise of 0.3 per cent in the third quarter. On an annual basis, spending growth rose by 1.1 per cent.
However, spending in hotels, bars and restaurants in Dublin increased annually by 5.7 per cent. Factors such as the Coldplay concerts in August and September were more than likely a factor in the rise.
Lorcan Blake, a consultant with Grant Thornton Ireland said the reason for the subdued spending analysis was the cost of living.
Economist for Dublin City Council Juliet Passmore said the entertainment sector continued to be the key driver of the Dublin economy with the 5.7 per cent annual increase in spending in hotels, bars and restaurants. She said these increases remain “crucial for the economy, as discretionary and ecommerce spend slowed”.
The survey recorded a 1.2 per cent increase in ecommerce spending in Dublin, one of the weakest annual spending increases since the series started.
Spending growth was minimal in the discretionary sector with a 0.3 per cent increase in the third quarter, compared to the second quarter.
Ms Passmore said even though “growth rates softened, this was the 17th consecutive quarter of growth, in spite of high cost of living and inflation levels”.
The amount of money spent on necessary items in Dublin, such as groceries, increased by 2.6 per cent, compared to 2023. This increase was largely in line with the national increase of 2.7 per cent recorded by retail analysts Kantar in the middle of October.
Overall, tourists visiting Dublin increased their spending by 1.3 per cent in the third quarter, compared to the second. There was also a 3.3 per cent increase in the same category on an annual basis. tourist form the US were the biggest spenders with an annual increase of 4.1 per cent
T
Spending by tourists from the United Kingdom increased by 0.3 per cent in the third quarter, however spending by German tourists decreased by 1 per cent. According to the Central Statistics Office, tourists from these nations represent 40.6 per cent of all visitors who came to Ireland in September 2024.
Despite representing a small portion of the total amount of money spent by tourists, visitors from China increased their spending by 3.6 per cent in the Dublin market over the same period.
However, spending by French people visiting Dublin dropped in quarter three by 22.9 per cent.
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
