Latest news with #ConallMacCoille
Irish Times
2 days ago
- Business
- Irish Times
Will rent reform make building apartments viable?
Conall Mac Coille, chief economist at Bank of Ireland, joins Cliff Taylor and Ciaran Hancock to talk about Irish economic and business news: RPZ reform: will changes to rules for landlords and tenants help bring investment to Ireland IFAC report: why Ireland's corporate tax receipts may be about to boom again. But will it last? Produced in association with EY.
RTÉ News
3 days ago
- Business
- RTÉ News
Consumer spending remains resilient in May
New figures from Bank of Ireland show that debit and credit card spending rose by 6.5% year on year in May, which was well ahead of the rate of inflation of 2%. Bank of Ireland said that despite ongoing global uncertainty and trade tensions, Irish consumers have not pulled back on their spending. It added that the latest data shows no evidence of a slowdown in expenditure, even in categories typically sensitive to economic sentiment. Today's survey shows that retail spending increased by 3.6%, which Bank of Ireland said reflected steady demand for goods including clothing, groceries and household items. Services spending rose by 3.7%, on the back of continued demand for personal care, transport and professional services. Meanwhile, social spending jumped by 6.4%, with notable increases in restaurant and accommodation expenditures. The bank said that restaurant spending alone climbed 6.3%, well above the 3.4% inflation rate for this category, while accommodation spending also rose by 5.6%, with prices remaining broadly stable. Bank of Ireland noted that there was no sign of a decline in spending on "big-ticket" items such as furniture, electrical goods, airline fares and holidays - areas that often see early cuts when consumer confidence wanes. Bank of Ireland's chief economist Conall Mac Coille said that Irish consumers are understandably cautious about global developments, but the data shows they remain confident in their own financial outlook. "The 6.5% rise in card spending in May reflects a resilient economy and a willingness to continue making key purchases. This broad-based growth across sectors highlights the strength and stability of household consumption, even in the face of international uncertainty," he added.
Irish Examiner
3 days ago
- Business
- Irish Examiner
Bank of Ireland reports 'resilient' spending with card activity up 6.5% in May
Irish consumers continued to display confidence in May, with Bank of Ireland card spending rising by 6.5% annually. The rise in credit and debit card activity marked another month of strong growth in consumer activity, the lender said, with the "robust" growth significantly outpacing inflation, suggesting household spending remains a key driver of economic momentum. Despite ongoing global uncertainty and trade tensions, Irish consumers have not pulled back on their spending, Bank of Ireland said, with the data showing no evidence of a slowdown in expenditure, even in categories typically sensitive to economic sentiment. Retail spending in May rose by 3.6%, which Bank of Ireland said reflected steady demand for clothing, groceries and household items. Meanwhile, spending on services rise by 3.7% in the month, underpinned by continued demand for personal care, transport and professional services. Social spending was also up in the month, rising by 6.4%, with notable increases in restaurant and accommodation expenditure. Restaurant spending alone climbed 6.3%, the bank added, well above the 3.4% inflation rate for this category. Likewise, accommodation spending also rose by 5.6%, with prices in this segment remaining broadly stable. Importantly, Bank of Ireland said there was no sign of a decline in spending on 'big-ticket' items such as furniture, electrical goods, airline fares, or holidays, areas that often see early cuts when consumer confidence wanes. While Irish consumer confidence dipped to two-year lows in April, according to the European Commission survey, sentiment rebounded somewhat in May, the lender noted. The decline in confidence was largely confined to concerns about the broader economic outlook, Bank of Ireland said. In contrast, consumers' expectations regarding their intentions to make major purchases remained more resilient. This divergence suggests that while Irish households are aware of global risks, they are not allowing these concerns to significantly influence their day-to-day or long-term spending decisions. Commenting on the figures, Bank of Ireland's Chief Economist, Conall Mac Coille, said: "Irish consumers are understandably cautious about global developments, but the data shows they remain confident in their own financial outlook. "The 6.5% rise in card spending in May reflects a resilient economy and a willingness to continue making key purchases. This broad-based growth across sectors highlights the strength and stability of household consumption, even in the face of international uncertainty."
Irish Independent
20-05-2025
- Business
- Irish Independent
Consumer spending surged in April with people splashing out more on restaurants, retail and hotels, says Bank of Ireland
Spending was also up across a number of sectors including restaurants, groceries, entertainment and hotels. The bank said that after a 'sluggish first quarter', card usage by its customers increased by 8.3pc, compared with 5.9pc in March. Social spending was up over 7pc year-on-year, with spending at restaurants up by 8.1pc. Retail (5.4pc) and services (5.9pc) spending were also 'strong'. The bank noted that one of the key reasons behind the increase was that Easter fell entirely during the month of April this year. BoI chief economist Conall Mac Coille, said despite the 'seasonal lift', growth was seen across a number of sectors. 'Irish consumers may have been nervous about US tariffs and a more uncertain economic outlook in April, but the hit to sentiment hasn't been sufficient to alter key spending decisions,' he said. 'The €3.7bn spent on Bank of Ireland credit and debit cards in April was an acceleration from March. 'True, the timing of Easter gave a seasonal lift, but there was broad-based growth across a range of sectors – from groceries and entertainment to hotels and hardware. 'Furthermore, spending growth is now well in excess of CPI inflation at 2.2pc, embodying substantial real gains in consumption.' The bank also found that its debit and credit-card users spent €1.3bn on retail, €700m on services, €340m on social activities and withdrew about €500m from ATMs. During this period, ATM withdrawals remained flat and were down by over 5pc in the first quarter of the year – indicating a continuing trend of consumers turning towards digital payments. The bank's data also said there was a two-year low in spending amid a dip in consumer confidence. However, people were still spending on 'big-ticket items' including electrical goods, which were up by 9.1pc; hardware (5.3pc); and hotels (10pc). Grocery spending also climbed 7.3pc to €613m, while spending on accommodation reflected 'strong domestic and international tourism during Easter', increasing by 10.5pc.
