July spending was steady but teenagers are still splashing out

Overall July spending drops just 1% compared to June
Spending falls in Retail sector and on Transport services
Teenagers enjoying the summer holidays with major spending increase

Bank of Ireland debit and credit card spending in July was fairly flat, with a 1% total monthly fall 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 which was also reflected in June.

There was an uptick in social (+2%) spending throughout July, whilst spending in pubs (+4%), restaurants (+3%) and in 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 3% in total, with outlay 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.

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%), whilst intense heatwaves in the likes of Cyprus (-13%) and Turkey (-3%) saw a spending drop off in both countries as some holiday makers opted to visit different destinations.

Commenting on July’s spending data, Jilly Clarkin, Head of Customer Journeys & 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 flat lining 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 – 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

Accommodation +5%
Pubs +4%
Restaurants +3%
Fast Food +1%

DOWN

Clothing -10%
Bus Lines -8%
Transport -5%
Groceries -1%