Bank of Ireland (BOI) debit and credit card spending in October revealed an uptick in spending across business sectors.
Overall Retail spending increased by 7%, when compared to September.
Social spending saw a 5% increase month-on-month.
According to the BOI spending analysis for October, total spending rose by 2% compared to September, a more positive picture than the same period in 2021 when spending dropped by 3%.
Commenting on October’s spending data, Jilly Clarkin, head of customer journeys & SME Markets at Bank of Ireland said to see both the retail and social sectors perform strongly in October is a "positive sign".
Retail Sector Breakdown
October spending rose across the Retail sector, with purchases of clothing increasing by 14%.
Spending on groceries increased by 8%, while spending in pharmacies also spiked by 8%
The data indicated that people splashed out more on household appliances, which increased by 6% when compared to September.
County-by-county, the October retail and social combined spending picture was also somewhat brighter, comparing positively with the same month in 2021 when spending in all 26 counties dipped.
Consumers in Cavan spent 9% than they did in September and Roscommon saw a 6% increase.
Spending in Meath increased by 4%, Mayo by 4%, Limerick rose by 3% and Donegal by 3%.
“It’s worth noting that younger consumers are driving this spending, with 26 – 35-year-olds recording a 7% spike in October, followed by the 36 – 45 age cohort who’s spending rose by 5%. This contrasts with 56 – 65-year old’s where spending dipped by 2% and over-65’s where spending was flat for the month," Clarkin added.
"We are now entering a busy time of year for retail and social spending, so it will be interesting to see if the next few months deliver more spending momentum.”
© 2022 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. For more retail news, click here. Click subscribe to sign up for the Checkout print edition.