NY tops for retail therapy as Irish splash out €500m

IRISH shoppers spent €500 million in New York last year and regard the city as the best place for a blast of retail therapy, according to a survey by Visa Europe.

As many as 60% of respondents chose New York as the most iconic city to shop in, while 72% chose western Europe as the most popular travelling destination, with the US chosen by 48%.

The credit card was regarded by 74% of respondents as being a lot safer than cash when holidaying abroad and a similar percentage would not travel abroad without one.

While New York was voted as the most popular shopping destination, only 11% chose Paris, which came in as the second most popular place, with London third at 8%.

Last Christmas, 170,000 Irish people travelled to New York, purchasing a total of €170m of consumer goods.

In total, it is estimated that Irish consumers spent nearly €500m in New York in 2007.

Eastern Europe and Asia are becoming increasingly popular regions for consumers, with 20% of respondents revealing they had purchased goods in countries like Poland and Slovakia, and 19% stating that they had made purchases in the Far East.

However, the US is still perceived as the best value shopping destination, with 57% of consumers opting for it ahead of other regions.

When it comes to choosing a destination for a holiday, the three most important factors that people take into account are weather, price and choice of available activities.

The survey also found that one of the most important items for people to bring away with them was their credit card.

Almost three quarters, 74% of the respondents, said they felt safer carrying a credit card than cash which directly reflects the same number who said they would not travel abroad without their credit card.

Commenting on the survey results, Jonathan Valentine, Visa Europe said, “The survey results highlight that Irish consumers are attracted by shopping meccas like New York when it comes to deciding on their holiday destinations. It is also interesting to note that consumers get a sense of security by travelling with a credit card as it means not having to have to carry large amounts of cash on their person and that they could use their card in case of encountering difficult situations or emergencies.

“Security and ease of use are two primary features of our cards. With acceptance in 26 million shops, hotels, restaurants and other outlets across 170 countries, it doesn’t matter if you’re off to Paris for the weekend or trekking in the Himalayas, your Visa card gives you a safe and easy way to pay,” he said.

Carrying cash is a risk at the best of times and one that is more prevalent when travelling, he said.

When asked about what amounts of cash people carried while abroad, 39% would carry more than €500 on their person; 33% would opt for between €100 and €300 on their person and more than half of the those in their 50s carry more than €500 in cash when travelling abroad.

The nationwide survey was conducted on 600 people over the age of 25.