Irish people cut spending and outreach in September, according to Bank of Ireland’s latest report on credit and debit card spending.
ub spending fell 28 percent in September. Eating out was also off the agenda for many as restaurant spending fell by more than a fifth over the month.
Consumers also ordered less from fast food outlets, with spending down 18 percent over the month.
When children returned to school, getaways were no longer a focus for many, as hotel spending fell 26 percent when children returned to school.
This was also reflected in airline spending, which fell 8 percent in September.
Overall, debit and credit card spending fell 8 percent from August. This was a similar drop seen by BoI last year when spending fell 6 percent overall in September.
“It won’t come as a huge surprise to many people to see the September spending stats, which suggest consumers across the country have pulled back and saved for a potentially harsh winter over the last month,” said Jilly, head of customer journeys at BoI Clarkin.
Retail also saw declines over the past month as consumers spend 10 per cent less in supermarkets over the course of the month. Spending on men’s and women’s clothing also fell by 12 percent.
Bakeries were also hit as consumers cut back on spending. Bakery purchases fell 19 percent in September, according to BoI data.
Spending fell in all counties in Ireland as consumers tightened their belts. The biggest falls were reported in Dublin and Sligo, where spending fell 9 per cent.
Ms Clarkin also reported that spending levels had fallen in every age group. Young professionals aged 26 to 35 spent 10 percent less in the last month, while those aged 65 and over fell 4 percent.
“As consumers currently face cost-of-living challenges, exacerbated by rising energy prices and stubborn inflation hikes, it will be interesting to see if these more restrained spending patterns continue in the coming months,” she said.
https://www.independent.ie/business/irish/consumers-cut-back-on-shopping-and-socialising-in-september-42061233.html Consumers restricted shopping and socializing in September