Spending boost at tourist attractions for final weeks of school holidays

• Overall debit & credit card spend flattened out in August
• Modest spending spike in Retail sector; Social spending declines
• Spend in popular European destinations also drops in August compared to July

Bank of Ireland debit and credit card spending in August 2023 was broadly flat (+0.4%) when compared to July’s spending according to the latest Bank of Ireland Spending Pulse.

However, there was a spending spike at tourist attractions (+19%) and amusement parks (+11%) as families sought out some fun during the final few weeks of the school holidays. With many families also planning ahead as the start of a new school year loomed, bookstore spending shot up by 39%, shoe store outlay rose by 11%, whilst spending on children’s clothes went up by 5%.

Spending in the accommodation sector throughout August dropped by 4%, while social spending also fell (-8%) following a positive bump for that sector in July. Total outlay in restaurants fell by 5%, pub spending dipped by 4% and people spent 3% less in fast-food outlets. And lower domestic spending didn’t translate to a hike in overseas outlay either, with popular European destinations like France (-20%), Portugal (-18%), Italy (-16%), Greece (-15%) and Spain (-13%) all recording spending drop offs.

Nationwide, Leitrim was the only county to post a monthly spending spike of more than 2%, with Donegal, Laois, Longford, Mayo and Wicklow (all +1%) the only other counties to record positive spends. Teenagers (+8%) were way out in front when age group spending was analysed, followed by the 18 – 25-year-olds (+3%). Spending remained flat amongst the older cohorts, with spending amongst the over 45s and over 55s groups dipping from the previous months’ levels.

Commenting on Bank of Ireland’s August’s Spending Pulse, Jilly Clarkin, Head of Customer Journeys & SME Markets at Bank of Ireland said: “We saw in July that people flocked indoors to escape the wet weather, and hope sprung that a brighter August would spark a spending rebound. However, a mixed month weather wise saw flatlined spending across a variety of sectors, although tourist attractions proving popular and families ‘suited and booted’ the kids for the return to school.”

“The Bank of Ireland Spending Pulse painted a mixed picture over the summer months, with a drop in June being followed by a slight hike in July, and a clear levelling off in August. Given that September last year was somewhat gloomy on the spending front (-8% compared to the previous month), retailers nationwide will be hoping for sunnier spending times on the horizon.”

BoI debit and credit card transactions: August 2023 vs. July 2023