The new data from the global financial super-app (which has more than two million customers in Ireland) revealed that the average consumer in Ireland is spending 15% more, year on year, with inflation and relaxed Covid restrictions contributing to this increase.
The data also revealed that many consumers are looking to cut costs by shopping at discount stores, which saw a 13.9% increase in the number of customers, and wherein the average customer spent 6.8% more than s/he did last year.
Looking at the average customer, travel spending increased by 20.3%, shopping spending increased by 9.1%, and entertainment spending increased by 9.5%, year on year.
According to the research, spending on petrol increased by 19.5%, compared to last year.
However, bus companies saw a 36.4% increase in customers and a 36.7% increase in customer spending, year on year.
Furthermore, discretionary spending was up, the data showed.
In travel, the customers of cruise lines (+109.3%), airlines (+30.8%), hotels (+14.3%) and travel agencies (+116.5%) all increased their spending, year on year.
In retail, discretionary spending was also up, the research indicated.
The average consumer spent more at clothing stores (+12.5%), cosmetics stores (+26.8%), department stores (+14.6%) and furniture stores (+26%) than s/he did last year.
In entertainment, spending on digital goods, including media, books, films, shows and music, declined by 15%, year on year.
Furthermore, the number of customers paying for these services declined by 22.4%, suggesting that many have cancelled their subscription services.
However, physical entertainment has increased significantly.
The Revolut data showed that spending at aquariums increased by 65.1% and footfall increased by 54.5%, spending at museums increased by 58.1% and footfall increased by 47%, spending at theatres increased by 50.3% and footfall increased by 37%, year on year.
However, despite awards season, the number of customers going to the cinema decreased by 5.6%.
New Year’s Resolutions
Looking at month-on-month data – comparing February 2023 to January 2023 – Revolut’s data gives insight into how people stuck to their new year’s resolutions last month.
For those looking to get fitter, the number of gym customers declined by 0.7%. For those looking to read more, bookshop customers declined by 8.9%.
However, for those looking to find a partner this year, Revolut’s data suggests that some may have succeeded, as the number of people spending on dating apps decreased by 15.7%, month on month.
A Revolut spokesperson said, “The periods of lockdown gave many consumers a new perspective on their priorities. The new priorities include travel, where spending on hotels and airlines continue[s] to increase, and activities for days out, such as museums and theatres.
“These new priorities suggest a continued desire to be around others and get out of the home.”