AIB: Hospitality spend down in May
However, AIB said this could be attributed to May having a weekend less than April this year
Despite the 1% increase in overall average daily spending in May, there were decreases in spend in the hospitality sector compared to the previous month. This is according to the AIB Spend Trend for May 2023.
There are decreases in average daily spend in drinking places (-12%), hotels (-10%), and restaurants (-6%). However, AIB said this could be attributed to May having a weekend less than April this year.
However, the May Bank Holiday saw spend in restaurants double compared to the previous Monday (24 April) as well as spend in drinking places tripling and hotels increasing by over a third (37%).
Meanwhile, Irish consumers were heading for the beaches as the coastal counties, from Donegal to Louth, all saw average daily spending increases bar Sligo, which remained unchanged when compared with April. From Mayo down to Cork all counties saw average daily spending increases.
Meanwhile the central country spine of Monaghan, Westmeath, Offaly and Tipperary all saw average daily spending decreases.
The data was compiled from c. 70m debit and credit card transactions in store and online during May 2023 and has been anonymised and aggregated. Data provided by AIB features one of the most comprehensive and accurate data sets on consumer spending in Ireland.
“May saw a slight increase in spend from April, despite having one weekend less and while grocery spend was flat month on month, it increased by 9% when compared with May 2022 for the same group of customers, which is further evidence of the rise in the cost of living,” said John Brennan, head of SME banking at AIB.
“We can also see a spread from inland to coastal areas. This information is important for businesses so they can analyse the data and react to ongoing trends, allowing them to plan for the summer months and ensure they can best support their customers and offer them the services they want.”
