December Spending Rises as Consumers Embrace the Christmas Rush

Pub Spending Soars in December as Festive Spirit Takes Hold

• Overall December spending rises by 18% year on year
• Monthly pharmacy spending increased by 42% in December
• Card spending spike recorded in Qatar during World Cup tournament

Bank of Ireland debit and credit card spending in December 2022 rose by 5% overall when compared to November’s outlay, as consumers embraced the Christmas rush. Social spending during December increased by 10% month-on-month, with Retail spend also spiking by 10% in the same period. It was a positive month across business sectors, with a yearly jump of 18% in spending compared to December 2021.

Houses nationwide filled up with tasty treats in Decembers as bakery spending rose by 33%, whilst barber shops experienced a boost as men got themselves groomed for the holiday season – with outlay rising by 32%. Conversely, with many people ill in December, spending in pharmacies increased by 42%, while those who couldn’t be tempted out to socialise decided to curl up reading at home, with spending in bookstores up 29%.

Pub spending rose significantly by 28% last month, with daily World Cup matches and Christmas parties providing people with even more incentive to meet friends and colleagues. Monthly restaurant spending went up by 9% in December (+41% versus December 2021), while outlay on fast food rose by 3%. Notably, Bank of Ireland card spending in Qatar rose by 40% during December, as the lure of watching footballers like Lionel Messi and Kylian Mbappe at the World Cup attracted fans to the Doha-based football extravaganza.

Across the counties December spending rose, with Cavan shoppers leading the way with a monthly 9% spending hike. Consumers in Carlow (+8%), Monaghan (+8%), Sligo (+7%) and Tipperary (+7%) all splashed out last month, with people in Longford being the most circumspect with their spending – the county only recording a 1% rise.

Commenting on December’s spending data, Jilly Clarkin, Head of Customer Journeys & SME Markets at Bank of Ireland said: “For retailers it will have come as a welcome relief to see spending trend upwards once again in December, as restrictions which marked many aspects of Irish life at the tail end of 2021 no longer in place. Yearly spending rises on both clothing (+15%) and groceries (+13%) for December are strong indicators that the festive period was busier for businesses nationwide than in 2021, and it’s always nice to end the year on a high.

“In-person spend was recorded at 62% in December, a rise of 4% on the previous month, with shoppers comfortable to hit the high streets instead of shopping online. Increased footfall in cities and towns across Ireland underpins this data, a boost to indigenous retailers striving for more market share. It will be interesting to see if a level of ‘belt-tightening’ occurs in the early stages of the new year, or if consumer demand remains steady over the coming months.”

BoI debit and credit card transactions – December 2022 vs. November 2022

BoI debit and credit card transactions – December 2022 vs. December 2021