Overseas spending on Irish Visa cards rises 17% to €1.26bn

The money spent by Irish people overseas in 2014 using Visa’s credit, debit and pre-paid cards increased by 17 per cent to €1.26 billion last year, according to figures released by the company.

The shift in overseas spending patterns are seen as a further sign of economic recovery as well as a growing willingness amongst Irish consumers to use plastic instead of cash when travelling.

All told last year Irish consumers spent a record €28.4 billion on Visa cards, up 32 per cent on the previous year.

The highest overseas spending figures were recorded in July when Irish Visa cardholders spent €139 million – up 15 per cent on the same month in 2013. All told 39 per cent – or €500 million – of overseas spending took place between May and August last year.

Based on card spending, the UK was by far the most popular destination for Irish travelers with €416.6 million spent in that jurisdiction over the course of last year. This represents a 19 per cent increase.

Spain was the second most popular destination with spending put at €175.5 million – also up 19 per cent – while the US was in third spot. All told €158.5m was spent in the US, an increase of 9 per cent on the previous year. France and Italy rounded out the top five.

The Netherlands recorded the highest growth in spending in percentage terms with a jump of 29 per cent to €21million. The second fastest growth in spending was recording in the United Arab Emirates where a spend of €18.5 million, represented an increase of 28 per cent year on year.

Separately Visa carried out a survey of over two thousand Irish consumers which revealed that 29 per cent of consumers are travelling more than they were five years ago.

Irish tourists have a preference for city breaks with 67 per cent saying they favoured them while 63 per cent said beach holidays were what they wanted.