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Spending In Food And Drink Venues Increased In July, Says BOI

By Dave Simpson

Bank of Ireland debit and credit card spending in July was fairly flat, with a 1% total monthly fall being recorded, as a mixed picture emerged across business sectors. While other age groups mainly decreased their July spending, teenagers are clearly enjoying their summer holidays, with a major spending increase of 17% for the month – a trend that was also reflected in June.

Details

There was an uptick in social (+2%) spending throughout July, while spending in pubs (+4%), restaurants (+3%) and fast-food outlets (+1%) all recorded positive figures, having all posted negative spending stats in June. The improved July weather also saw a spending hike in cinemas, of just 5% – a stark drop from June’s cinema spending rise of 25%.

Overall spending in the retail sector was down by 3% in total, with outlays on clothing (-10%) and groceries (-1%) both dropping, but spending on petrol (+5%) rose, as forecourt fuel prices levelled off somewhat nationwide. Consumers were also evidently not keen to forego their sweet treats in July, with spending in bakeries (+5%) also rising.

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On a regional level, the spending patterns were broadly flat, with similar spending levels being recorded in Limerick (-3%), Cork (-2%), Kildare (-1%), Mayo (-1%), Donegal (-1%) and Waterford (-1%). Foreign spending rose in popular European hotspots like Croatia (+28%), Portugal (+9%) and Italy (+5%), while intense heatwaves in the likes of Cyprus (-13%) and Türkiye (-3%) saw a spending drop-off in both countries, as some holidaymakers opted to visit different destinations.

Statement By Head Of Customer Journeys And SME Markets At Bank Of Ireland

Commenting on July’s spending data, Jilly Clarkin, head of customer journeys and SME markets at Bank of Ireland, said, “The sun was shining in July, and we were doing less shopping and more socialising, however, the spending picture was a mixed one last month, with some sectors performing well and others flatlining or dropping slightly. This spending restraint was not just in a small number of counties – it was nationwide – and while the overall drop was small, it will be interesting to monitor over the coming months to determine if it’s becoming a trend.

“For the Irish abroad, Croatia was leading the charge in month-on-month spending increases in popular holiday destinations. Another interesting element in July was that spending among teenagers – 13- to 17-year-olds – soared, with a notable monthly increase of 17%, which was similar to May and June trends, and perhaps reflects a less cautious attitude than the rest of us.”

BOI Debit And Credit Card Transactions – July 2022 Vs June 2022

Up

Accommodation                   +5%

Pubs                                         +4%

Restaurants                             +3%

Fast Food                                +1%

Down

Clothing                                     -10%

Bus Lines                                    -8%

Transport                                   -5%

Groceries                                    -1%

© 2022 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
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