Social Spending Increased Year On Year In November, Says BOI

Bank of Ireland debit and credit card spending in November was 13% higher than in the same month in 2021, with social spending increasing by 12% year on year and retail spending rising by 10% year on year last month.

Details

The bank's spending data has also revealed that shoppers across the country started their Christmas shopping early, with toy purchases in November being up 99% on October and perennials such as clothing (+37%) and groceries (+15%) also rising steeply. Shopping across a variety of retail outlets spiked in November, with spending in electronic (+56%), furniture (+36%), department (+32%) and hardware stores (+18%) all moving upwards compared to October.

County-by-county spending in November was very positive, with consumers in Longford, which was the only negative spending county in October, recording a spending spike of +16% last month. Major spending rises were also posted in Galway (+12%), Donegal (+10%), Louth (+10%), Clare (+8%) and Meath (+8%), as spending in each of the 26 counties surged.

Meanwhile, card spending in Iceland (+72%), Finland (+54%), Norway (+43%) and Denmark (+32%) all rose higher as trips to Scandinavia to be proved very popular.

Commenting on November's spending data, Jilly Clarkin, head of customer journeys & SME markets at Bank of Ireland, said, "Savvy shoppers were quick out of the blocks in November, launching their Christmas shopping plans and working through their lists for their nearest and dearest. Spending in November was stronger than last year, with consumers splashing out on early on their gifts and purchases.

"November's positive spending trends can be seen across a range of sectors, and across the age ranges. 46-55 year olds recorded a 13% rise, closely followed by 36-45 year olds (+11%) and amongst the 56-65 year olds (+11%). The data suggests that after a couple of years where Christmas was curtailed for many due to pandemic restrictions, people are making up for lost time and making sure that Christmas 2022 will be an extra-special one."

BoI Debit And Credit Card Transactions - November 2022 Vs October 2022

BoI Debit And Credit Card Transactions - November 2022 Vs November 2021

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