Reports show over half of Dublin businesses remain optimistic about 2023.
BOI Payment Acceptance recently surveyed Irish businesses about the current payment landscape as well as business confidence and concerns.
Some of their findings included the following:
Businesses in neighbouring Leinster counties Laois (85%) Westmeath (73%) and Kildare (73%) claimed the increase in card transactions over cash has benefited their business, also above the national average of 62%
78% of Dublin businesses are unaware there is no contactless limit on mobile wallets – better than the national average
The cost of living crisis (74%) and business running costs (80%) dominate as key concerns across all sectors. Yet, Dublin businesses’ outlook remains optimistic with 64% believing their business could grow this year.
Unsurprisingly the cost of living crisis and running costs, chosen by 74% and 80% of respondents respectively, were the main concerns the majority of Dublin business owners had on impacting their business’ bottom-line.
At Lovin Dublin, we have reported on over a dozen hospitality closures in Dublin since the beginning of January, but we have also reported on over forty hospitality openers, with several businesses choosing to expand in 2023.
The survey's findings showed that 47% of Dublin businesses in the food and drink industry expected a modest growth in the next year, while 5% expected significant growth, 35% unsure of how things would go, 4% thinking they would need to scale back, and 9% thinking they would seriously struggle.
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