Nationwide consumer spending rebounds strongly in May: Bank of Ireland

Nationwide consumer spending rebounds strongly in May: Bank of Ireland

Bank of Ireland debit and credit card analysis for May revealed a 13% overall monthly spending increase, as many consumers parked their inflationary fears and boosted sales across a variety of business areas.

Social spending in May rose by 14% (following a 4% drop in April), with pubs enjoying a 21% spending spike, outlay in fast-food outlets going up by 15% and restaurant spend rising by 14%.

The spending data also revealed that people were keen on enjoying their home comforts by getting back into ‘hosting’ mode, with catering spend increasing by 17%.

Accommodation spending went up by 12% in May, as camp sites filled up nationwide (+170%) and hotels experienced an 8% spending boost.

Boat Rentals went up by 50%, car rentals by 26%, and outlay on Toll Bridges and Roads rose by 11%. There was also a drive-in demand for some pampering amongst many consumers, with Health and Beauty Spas recording a monthly spending hike of 13%.

May was a more positive spending month nationwide, following on from April when only one county (Longford) posted a spending increase. Consumer outlay in Offaly (+14%), Cork (+13%), Kerry (+11%) and Monaghan (+11%) all rose much higher, with Longford once again leading the way with spending in the county during May rising by 18%.

On an international level, spending in some of the traditional holiday destinations remained steady, whilst a host of travellers flocked to the likes of Croatia (+65%), Norway (+65%) and Sweden (+21%) looking to broaden their horizons.

Commenting on May’s spending data, Jilly Clarkin, Head of Customer Journeys & SME Markets at Bank of Ireland said: “Whilst April’s spending levels painted a mixed economic picture consumers certainly didn’t hold back in May, sparking an overall spending rise of 13% and boosting social, retail (clothing spend rose by 16%) and accommodation businesses amongst others.”

“Also notable was the marked increases in spending amongst the different age groups, with 18 – 25 years olds producing a spending hike of 16%, outlay in the 26 – 35 age cohort rising by 15% and teenagers (13 – 17 year-olds) leading the way (+21%) as the end of the school year approached for secondary school students.”

BoI debit and credit card transactions – May 2022 vs. April 2022

Clothing                                     +16%
Restaurants                               +14%
Health & Beauty Spas             +13%
Accommodation                      +12%
Toll Roads & Bridges               +11%