Analysis of debit and credit card data from the Bank of Ireland shows a 4% overall monthly fall in spending during June, with a drop in consumer outlay across all sectors.
In contrast to the trend the previous month, total social spending in Ireland fell by 5% in June as consumers scaled back their pub spend (-8%) compared to May, and also spent less money on fast food (-4%) and in restaurants (-3%). The overcast weather in June may have played a part in people spending more in cinemas (+25%), but that increase was an outlier – with consumer spending on clothing and groceries both falling by 6% month on month.
Commenting on the data, Jilly Clarkin, Head of Customer Journeys & SME Markets at Bank of Ireland said: “Cost of living increases are a concern for everyone, and in that context it is not surprising to see June’s spending levels dropping a bit on last month.
“The spending data analysed by Bank of Ireland over the past few months has produced some uneven trends, so while total consumer outlay rose significantly in May, it then fell again in June. It’s probably too early to identify a clear trend, but some people may be getting more prudent with their money as they look ahead to the second half of the year. But we’re also entering peak holiday season, so some consumers could just be holding their spending until they get away.”
