Revolut stats show where Irish people are spending and saving

Inflation is having a major impact on Irish spending as customers swap new clothes for old ones and petrol for bus tickets, new data from Revolut has revealed.

It also shows that spending on utility bills rose 19 percent year-on-year in August this year, while heating bills rose 24 percent.

The global app, which has more than 1.9 million customers in Ireland, released data showing that while spending in supermarkets has remained relatively flat, many people are abandoning the big grocery store and buying groceries more frequently.

People are also tending to withdraw their discretionary spending as the number of people buying men’s and women’s clothing has declined by 8 percent year-on-year.

However, the number of people shopping at second-hand stores increased by 60 percent.

As fuel costs skyrocket and spending at gas stations has increased by 17 percent, more people are using public transport, with 103 percent more users hopping on the bus.

However, it is important to note that these dates are compared to August 2021, when not as many people were using public transport due to the Covid-19 pandemic.

In contrast to these cost reductions, the travel and tourism industry is booming.

Spending at hotels is up 116 percent, airlines are up 17 percent and travel agencies have seen spending rise 33 percent since last year.

Consumer spending at amusement parks (29 percent), museums (27 percent), aquariums (20 percent), movie theaters (9 percent), and theaters (16 percent) also increased.

A Revolut spokesman said the latest August data seems to indicate that inflation is having a strong impact on spending habits.

“Although supermarket spending remained relatively the same, 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,” they 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.”

https://www.independent.ie/business/personal-finance/revolut-stats-reveal-where-irish-people-are-splashing-the-cash-and-cutting-back-41988532.html Revolut stats show where Irish people are spending and saving

Fry Electronics Team

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