Late-Night Economy’s reopening provides timely boost to Social sector
Some venues with late-bar or nightclub facilities recorded spend increases of over 200% in October.
Bank of Ireland’s Group Data team revealed “significant spending increases” in Dublin city centre bars with late-bars and nightclubs in popular haunts spread throughout Dublin 2 with some outlets with late-night venues recording spend increases of over 200%.
Overall, social spending slowed in October, rising by only 2%, with monthly restaurant spend increasing by just 1% so the re-opening of the late-night industry was timely.
According to Bank of Ireland’s card data overall October debit and credit card spending was down slightly (by 3%) compared with September, with consumers potentially tightening their belts ahead of the Festive Season.
“While bars and nightclubs saw predictable spikes in spending, overall social spending was relatively flat, so many appear to be slowing down their spending slightly in advance of the Festive period,” confirmed John O’Berine, Director of Business Banking at Bank of Ireland, on October’s returns, “Spending on caterers rose by 19% in October as many households kept their socialising in-house.
“As more and more parts of the economy gradually scale back up, future spending patterns will be more focussed on the impending Festive Season.”
