Nationwide consumer spending showed strong rebound in May
May was a more positive spending month nationwide, following on from April when only Longford displayed a spending increase.
Print14 June 2022
Debit and credit card analysis from Bank of Ireland for May revealed a 13% overall monthly spending increase, as many consumers parked their inflationary fears and boosted sales across a variety of business areas.
Social spending in May rose by 14% (following a 4% drop in April), with pubs enjoying a 21% spending spike, outlay in fast-food outlets going up by 15% and restaurant spend rising by 14%. The spending data also revealed that people were keen on enjoying their home comforts by getting back into ‘hosting’ mode, as catering spend increasing by 17%.
Accommodation spending went up by 12% in May, as camp sites filled up nationwide (+170%) and hotels experienced an 8% spending boost. Boat rentals went up by 50%, car rentals by 26%, and outlay on toll bridges and roads rose by 11%. There was also a drive-in demand for some pampering amongst many consumers, with Health and Beauty Spas recording a monthly spending hike of 13%.
May was a more positive spending month nationwide, following on from April when only Longford displayed a spending increase. Consumer outlay in Offaly (+14%), Cork (+13%), Kerry (+11%) and Monaghan (+11%) all rose much higher, with Longford once again leading the way with spending in the county during May rising by 18%.
Commenting on May’s spending data, Jilly Clarkin, head of customer journeys & SME markets at Bank of Ireland said: “Whilst April’s spending levels painted a mixed economic picture consumers certainly didn’t hold back in May, sparking an overall spending rise of 13% and boosting social, retail (clothing spend rose by 16%) and accommodation businesses amongst others.”
“Also notable was the marked increases in spending amongst the different age groups, with 18 – 25 years olds producing a spending hike of 16%, outlay in the 26 – 35 age cohort rising by 15% and teenagers (13 – 17-year-olds) leading the way (+21%) as the end of the school year approached for secondary school students.”
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