Staycation spends more, but people cut back to the essentials – AIB

Staycationing Dubliners are big spenders in the rest of the country, with hotels, pubs and off-licences enjoying a resurgence in July.

However, consumer spending fell 0.5 percent this month compared to June, according to AIB’s monthly Spend Trend survey.

It was the first overall spending cut since January, with people cut in clothing (-7 pcs), electronics (-1 pc), hardware (-5 pcs), health and beauty (-6 pcs) and household goods (-4 pcs). pieces) shortened.

Spending on air travel fell 8.5 percent as Irish people forgo foreign lands for their homeland.

Debit and credit card data shows Dubliners heading to Irish beauty spots in July, spending 55 per cent more in Wexford and 53 per cent more in Kerry than in June.

Spending by Dubliners rose 26 per cent in Cork and 16 per cent in Galway – and every other borough except Kildare and Longford.

Irish hotels saw spending up 13 per cent, pubs and off-licences up 11 per cent and restaurants up 5 per cent.

Grocery spending rose 2 percent, well below headline inflation, suggesting people are cutting back on their weekly groceries.

The August bank holiday weekend was the busiest day of the month for consumer spending.

More people are also switching to paying with their phones instead of cards or cash, with digital wallet payments up 6 percent in July.

“While overall spending fell slightly in July, spending at facilities supported by Irish tourism saw a significant increase,” said John Brennan, Head of SME Banking at AIB.

“As is usual in the later summer months, when fewer holidays are booked, consumers were spending less on air travel, but spending in this sector is much higher than last year when Covid-19 travel restrictions were still the forefront.

“Digital wallet payments are up 6 percent, showing the growing popularity of cashless payment methods among the public.

“They now spend almost 13 million euros a day tapping their phones and watches. This corresponds to almost one in seven euros per month that is spent on a digital wallet.”

https://www.independent.ie/business/personal-finance/staycation-spending-up-but-people-cutting-back-on-non-essentials-aib-41922502.html Staycation spends more, but people cut back to the essentials – AIB

Fry Electronics Team

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