September slowdown
“The data appears to indicate that those with more money and time are still looking to spend while others are holding steady.”
Overall, Bank of Ireland debit and credit card transactions in September dropped by 6% when compared to the previous month as consumer activity nationwide slowed down.
BoI’s data reveals an 11% decline in social spending overall as people returned to their more regular routines following a busy August filled with staycations and children’s activities.
The popularity of fast-food outlets also fell 17%. Not surprisingly, pubs were less busy than during the Summer.
Spend on entertainment also took a hit in September, going up by just 2%, which contrasts with a 13% rise in August.
County by county the spending picture remained the same, with falls recorded across the provinces. Cork spending took a 5% hit as did spending in Kerry, Wexford and Dublin. Donegal was down 4% and Tipperary was down 6%.
The accommodation industry, buoyed by a strong August, saw a drop in September as the school year recommenced, with hotel spend down by 30%.
“We can see from the debit and credit card transactions that September was a slower month on the consumer front, with the Summer buzz beginning to wear-off and belts tightening somewhat,” said BoI’s Director of Business Banking John O’Beirne, commenting on September’s spending patterns, “The honeymoon period of spending after the lifting of restrictions appears to be normalising in line with schools reopening and more businesses returning to the office.
“The data appears to indicate that those with more money and time are still looking to spend while others are holding steady. When we look at the age breakdown, there was no change in spending from those over-65, which contrasted with the 18-25 cohort (down 8%) and the 26-35 cohort (down 7%).”
