New figures show a modest increase in consumer spending during 2023

Increased spending is set to continue over the festive period, said AIB’s head of SME banking, John Brennan. Picture: Stephen Collins/Collins Photos

AIB spending figures showed a modest rise in overall consumer spending, adjusting for price inflation in the first 11 months of the year, but surged in nominal money terms.

AIB said, when excluding inflation, spending jumped 8% this year but with inflation forecast to be around 5.3%, real spending rose by around 3%.