Pubs hit hard as monthly spending plummets by 19% in September
The recent Bank of Ireland Spending Pulse highlighted declines in both social spending (-14%) and the retail sector (-7%) (Photo by energepic.com via Pexels)
Bank of Ireland debit and credit card spending in September 2023 fell by a total of 8% when compared to the previous month’s outlay, maintaining a trend which has seen September spending fall back by between 6% and 8% throughout 2021, 2022, and 2023.
The most recent Bank of Ireland Spending Pulse highlighted declines in both social spending (-14%) and the retail sector (-7%). Notably, monthly pub spending experienced a 19% decrease, while expenditures in restaurants and fast-food outlets dropped by 17% and 14%.
Internationally, spending declined in Greece (-23%), Portugal (-18%), Spain (-13%), and Germany (-11%). However, there was a positive note as spending in France increased by 9%, driven in part by Irish rugby fans attending matches in Bordeaux, Nantes, and Paris. Domestically, various regions, including Donegal, Kildare, Laois, Louth, Mayo, and Meath, experienced a 9% drop in spending.
In September, spending across age groups saw significant declines. Teenagers (-20%) deviated from the recent trend of leading spending, while 18-25 year-olds decreased spending by 6% upon returning to colleges and training courses. The 26-35 cohort tightened their belts with a 9% drop, and 36-45 year-olds experienced a 10% decrease in expenditure.
Jilly Clarkin, head of Customer Journeys & SME Markets, Bank of Ireland, said: “With memories of the summer holidays receding it was not surprising to see spending decline in certain areas, with travel impacted in particular. Car rental outlay fell by 30%, accommodation spend dropped by 21%, bus travel by 14%, and toll fees by 6%, as many people fell back into their regular routines close to home.”
