More and more people are shopping at second-hand shops, using public transport and changing their shopping habits as the prices of food, clothing and energy continue to rise.
ata by fintech Revolut shows a 60 percent increase in the number of second-hand shoppers in August compared to August 2021, while the number of purchases in traditional clothing stores fell by 8 percent.
The number of people renting clothes rose 38 percent, while spending at tailors rose 15 percent as people repaired and reused rather than buying new.
Despite the warmer weather, utility spending rose 19 percent in August, with heating bills up 24 percent. According to the Central Statistics Office, energy costs have increased by more than 50 percent since last year.
The number of people using buses more than doubled in August from a year earlier (up 103 percent) as consumers sought to avoid rising fuel costs.
Fuel spending at service stations rose 17 percent year-on-year, despite a slight drop in gasoline and diesel prices over the summer.
That helped slow headline inflation to 8.7 percent in August – or 8.9 percent according to the EU’s harmonized measure – after prices rose over 9 percent in early summer, the CSO said.
Retailers across the board are being hit with consumer cuts to avoid the price hike.
Spending at antique stores fell 44 percent, while candy stores fell 11 percent as people trimmed down to the unnecessary.
People spend less on entertainment as costs go up.
Amusement park spending fell 29 percent in August, museum spending fell 27 percent, and aquarium spending fell 20 percent, despite August being the peak of the tourist season.
Bookstore spending fell 8 percent, cinema admissions fell 9 percent, and theater spending fell 16 percent as people refrain from cultural activities.
Spending at restaurants fell 9 percent.
People are also stripping down to the essentials as they try to save money where they can.
While the number of supermarket transactions increased by 16 percent, the amount spent increased by just 2 percent, which Revolut says suggests “people are buying little and buying often”.
“Although supermarket spending remained relatively flat, the number of transactions increased, suggesting people are buying small items when they need them rather than one big store, which could lead to food waste,” a Revolut spokesman said .
“Although fuel costs have fallen, reports suggest these lower costs are not being passed on to consumers.
“Our data shows that this encourages the use of public transport, as the number of people using buses increased by 103 percent and the number of transactions by 106 percent year-on-year.”
The summer saw a rebound in travel, with consumer spending at hotels rising 116 percent, while airline spending rose 17 percent and travel agencies saw a 33 percent surge in spending in August.
Revolut has more than 1.9 million customers in Ireland.
https://www.independent.ie/business/personal-finance/people-buying-more-second-hand-clothes-and-taking-buses-as-cost-of-living-crisis-worsens-41989425.html People are buying more second-hand clothes and taking buses as the cost-of-living crisis worsens