Thursday, May 11, 2023

Michael Bolton

New figures released show Bank of Ireland debit and credit card spending in April dropped by 7 per cent compared to March.

Despite the Easter break, pub spending using cards fell by 6 per cent, while fast food spending dropped by 5 per cent.

Spending across all 26 counties saw a reduction, with Sligo customers experiencing the biggest reduction at 9 per cent. Kilkenny, Mayo and Meath all declined by 8 per cent, with Donegal, Dublin and Kerry all noting 7 per cent spending drops.

Roscommon recorded the smallest decline of just 5 per cent.

Teenagers recorded the only April spending spike at 9 per cent, while all other age categories saw spending levels fall. A decline of 8 per cent was recorded among those aged 18-25 and 26-35.

Commenting on the April spending pulse, Bank of Ireland’s Jilly Clarkin said: “Sharp rises in April spending in sunnier spots like Greece (+99 per cent), Portugal (+72 per cent) and Spain (+25 per cent) would suggest that many people used the Easter break to get away from it all for a week or two.

“This was a spending trend that we also recorded in April 2022, so perhaps it wasn’t all that surprising that spending hikes experienced during the opening months of 2023 did not continue this April.

“Consumers are still battling the inflationary impact on their shopping trollies, and grocery spending dipped by eight per cent in April. Time will tell if the latest spending pulse serves to indicate the beginning of a wider trend, or proves to be a temporary dip before spending levels soar upwards during the summer months.”

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