Revealed: Spending trends show how we spent on hair, beauty and restaurants in 2022

Irish people have increased spending on looking good, eating out and traveling abroad this year after two years of lockdown, the latest financial data from Revolut shows.

We’ve spent 50 percent more in restaurants this year compared to 2021, but that’s no surprise as the country has faced various forms of lockdowns and public health restrictions over the past year.

Data pulled from Revolut’s two million Irish users shows that hairdressers, hair salons and beauticians saw an 18 per cent increase in spending as homemade mullets were left with locks.

RevReview provides each user with a summary of their annual spend, but at a macro level, the finance app found that the average user spent 7 percent less on groceries and 1.6 percent less at clothing stores in 2022 compared to 2021.

Travel was high on most agendas in 2022 after two years without trips abroad, and Irish holidaymakers spent in three countries on average last year, a rise of 23.4 per cent.

The most popular countries where Irish consumers spend money were: UK, USA, Spain, Netherlands, Luxembourg, Malta, France, Lithuania and Germany.

Despite facing a livelihood crisis, Irish users appear to have increased their savings by 52 per cent over the past year, while donations have also increased.

Revolut found that while inflation has impacted consumer spending, post-lockdown life has amplified the biggest changes. As indoor dining resumed following closures and restrictions, Revolut data shows Irish consumers have supported the industry by flocking to restaurants in 2022.

The average user spent 50 percent more at restaurants year-over-year. The largest increase was recorded by 65 to 74 year olds, who spent 55.6 percent more. At the bottom end of the spectrum, 35- to 44-year-olds still spent 39.3 percent more year over year.

With the rise in the cost of living affecting many aspects of life this year, Irish consumers cut back where they could. The average user spent 1.6 percent less in clothing stores compared to last year. Interestingly, 18-24 year olds spent 11.1 percent less.

Entertainment sources also saw a rebound, with spending on digital goods rising 4.3 percent, including media, books, videos and music.

The most popular video streaming services among users were: Netflix, Prime Video and Disney+. The most popular music streaming services were: Spotify, Apple Music and Amazon Music.

Donations in the Revolut app totaled more than €7.5 million this year, with the Irish Red Cross receiving €4.6 million this year from Revolut customers in Ireland to help those affected by affected by the Russian invasion of Ukraine.

The RTÉ Toy Show Appeal alone secured €2.4 million from Revolut users, while the Irish Cancer Society saw over €450,000 donated. Users also donated over €150,000 to Pieta, a charity working to prevent suicide and self-harm, and €135,000 to homeless charity Focus Ireland.

The total number of people trading crypto on Revolut in Ireland is up 61 percent year-on-year.

https://www.independent.ie/business/personal-finance/revealed-spending-trends-show-how-we-splashed-out-on-hair-beauty-and-restaurants-in-2022-42236730.html Revealed: Spending trends show how we spent on hair, beauty and restaurants in 2022

Fry Electronics Team

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