DUBLIN
GROWTH IN CONSUMER SPENDING CONTINUES ON UPWARD TREND
TOTAL RETAIL SALES INDEX (SA)
Total consumer spend in the Dublin economy grew by 5.8% (SA) YoY in the fourth quarter of 2018. Dublin continues to exceed the National level, which recorded a YoY increase of 4.7% (SA).
Both the Dublin and National series are maintaining strong upward trends YoY with the highest levels of consumer spending recorded in Q4 2018 since the series began in Q1 2014. On a quarterly basis data for Q4 2018 show Dublin growing by 1.4% QoQ (SA) and Nationally registering QoQ growth of 1.9% (SA). However, it is clear that both Dublin and Ireland are performing well.
“Ireland and Dublin both produced solid retail sales growth at the end of 2018. Dublin recorded 5.8% YoY growth (SA) for the first time in Q4 2018 while Ireland as a whole hit 4.7% YoY growth (SA). Spending on Entertainment picked up for a second consecutive quarter with growth of 12.5% (SA). Tourism spend in Dublin recorded strong growth of 15.8% YoY in Q4 2018. Keeping this momentum going will be a challenge in the first half of 2019.
DUBLIN RETAIL SALES VALUE INDEX (SA)
METHODOLOGY
A macro-economic indicator, SpendingPulse™ reports on national and Dublin retail sales and is based on aggregate sales activity in the Mastercard payments network, coupled with estimates for all other payment forms, including cash and cheque. This information has been grossed up to present an estimate of the total retail sales of retail businesses in Ireland and Dublin to both residents and tourists. Data is seasonally adjusted but is not adjusted for inflation. Mastercard SpendingPulse™ does not represent Mastercard financial performance. SpendingPulse™ is provided by Mastercard Advisors, the professional services arm of Mastercard International Incorporated. See www.dublineconomy.ie for more info on methodology.
Non store Retailers including Electronic Shopping and Mail-Order Houses, Direct Selling Establishments.
RETAIL CATEGORY: DISCRETIONARY
STEADY
YoY GROWTH IN HOUSEHOLD GOODS A REFLECTION OF POSITIVE CONSUMER SENTIMENT
In Q4 2018 Dublin Consumer Spending was positively influenced by growth in all four sectors covered in the Mastercard SpendingPulse. Growth was particularly strong in Entertainment sales, increasing 12.5% (SA) YoY. Spend on Entertainment Nationally was similarly strong at 9% YoY. Sales of household goods – which can be interpreted as a proxy for consumer confidence – grew by 8.5% YoY in Dublin and 4.5% (SA) Nationally. Q4 2018 saw eCommerce continue to grow with YoY figures for Dublin increasing by 3.6% (SA) and Nationally by 13.1% (SA).
RETAIL CATEGORY: NECESSITIES
DUBLIN
Discretionary Retail: Department Stores and Clothing Stores.
RETAIL CATEGORY: ENTERTAINMENT Hotels, restaurants and bars. IRELAND
DUBLIN
Grocery: all food and beverage stores.
RETAIL CATEGORY: HOUSEHOLD GOODS
furniture, electronics and hardware.
IRELAND
IRELAND
YoY GROWTH IN TOURISM SPEND EXCEEDS 15% FOR THE FIRST TIME SINCE Q1 2016
Growth in tourism expenditure in Dublin in Q4 2018 was largely driven by Chinese, German and US tourists. Total YoY growth of 15.8% (SA) was recorded in Dublin in Q4 2018, the largest annual increase since Q1 2016. Expenditure by Chinese tourists showed the strongest growth in Q4, increasing by 18.9% YoY and achieving its fourth consecutive quarter of double digit growth, following eight consecutive quarters of negative YoY growth.
This is likely linked to a recent drive by Tourism Ireland to increase Chinese tourists in Ireland as well as the introduction of nonstop direct flights from Beijing. Beijing-based Hainan Airlines have also announced a second direct route from Dublin to Chinese hi-tech hub Shenzhen will begin on 25 February 2019.
Expenditure by French (+16.7%) and US (+13.4%) tourists also showed strong growth. The UK tourism market is starting to show signs of recovery. Following four quarters of negative YoY growth in expenditure by UK tourists in Dublin has been positive, albeit relatively low, for the past three quarters. In Q4 2018, expenditure in this market grew by 3.2% YoY.
Nationally (incl. Dublin) YoY tourism spend was up 10.1% (SA) in Q4 2018, driven by strong growth in US (+16.1%), German (+14.3%) and Chinese (+10%) tourist expenditure. While all tourist segments increased YoY in Q4 2018, the growth in expenditure by French (+2.6%) and UK (+0.9%) tourists was much less pronounced than the other segments.
DUBLIN AND IRELAND TOURIST SPEND BY ORIGIN - Q4 2018 (SA)
YOY CHANGE IN SPENDING IN DUBLIN
YOY CHANGE IN SPENDING IN IRELAND
YOY CHANGE IN SPENDING IN IRELAND
+16.7%
YOY CHANGE IN SPENDING IN DUBLIN
YOY CHANGE IN SPENDING IN DUBLIN YOY CHANGE IN SPENDING IN IRELAND
+6.8% YOY CHANGE IN SPENDING IN DUBLIN
YOY CHANGE IN SPENDING IN IRELAND
+18.9%
YOY CHANGE IN SPENDING IN DUBLIN