Despite the cost of living crisis, consumers are injecting the money for “snacks, restaurants and bars”.

Irish consumers are spending more on treatment despite massive hikes in utility costs, according to new payment data from Revolut.

Consumer spending increased 3 percent in June compared to May. Data from Revolut’s 1.9million Irish customer accounts showed spending over the month rose 23 per cent since June last year, when some Covid restrictions remained in place.

The rising cost of living was evident to consumers over the past month, as Revolut customers spent 34 percent more on utility bills in June than in May.

Supermarket spending remained flat in May-June as consumers faced price hikes in stores.

According to the latest Kantar figures, food price inflation rose to 6.5 percent in June.

Despite the impact of rising costs, consumers spent 34 percent more on meal delivery last month than in May.

Eating out also grew 8 percent, while band and orchestra spending rose 50 percent as the wedding season began.

Boat rentals rose nearly three-quarters for the month, while spending on tourist attractions and museums also rose more than a fifth in June.

Revolut figures also showed that consumers spent less on their cars over the past month, with a 4 percent drop in spending at service stations.

Customers spent 5 per cent less on parking whilst there was also a 4 per cent fall in spending at garages in Ireland in June.

Revolut said customers appear to be reducing car usage rather than “soaking up the gains.”

This was illustrated by a 17 percent monthly increase in bus tickets. Other commuting rose 12 percent last month, while consumers spent 7 percent more on taxis.

Consumers also spent 6 percent less on air travel last month amid the well-known challenges travelers face at airports around the world.

Some Revolut customers were looking for other ways to get away, with cruise ship spending up 16 percent.

European head of public affairs Sebastian Hamilton said Irish consumers were looking to enjoy the summer despite ongoing economic uncertainty.

“Many consumers are looking for ways to make savings in the face of rising energy costs, in particular they appear to be reducing their car use in favor of public transport in response to rising fuel prices,” he said.

“However, our data also shows that despite these prudent measures, consumers continue to enjoy home delivery, restaurants and bars.”

https://www.independent.ie/business/personal-finance/consumers-splash-the-cash-on-takeaway-restaurants-and-bars-despite-cost-of-living-crisis-41829652.html Despite the cost of living crisis, consumers are injecting the money for “snacks, restaurants and bars”.

Fry Electronics Team

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