Nationwide consumer spending rebounds strongly in May
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%, with pubs enjoying a 21% spending spike, outlay in fast-food outlets going up by 15% and restaurant spend rising by 14%.
Accommodation spending went up by 12% in May, as camp sites filled up nationwide (+170%) and hotels experienced an 8% spending boost.
May was a more positive spending month nationwide, with spending in Cork increasing by 13%.
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.”