The latest monthly consumer spending report by Revolut shows that consumers are spending more on holidays, year on year, while spending on groceries, restaurants and fuel is increasing month on month.
In contrast, spending on clothes shopping, and leisure activities such as sports clubs and cinemas has dropped.
Supermarket spending was up 6.6% per consumer in July, compared to June.
However, looking back since last year, spending on groceries has actually dropped by 4% per consumer in July 2022, compared to July 2021, suggesting many are looking for cheaper products.
Fuel PricesAs petrol prices lower across Ireland, the new Revolut data shows that spending on fuel at petrol stations was up 3.9% per consumer in July, compared to June.
Additionally, spending on fuel was up 26% per consumer in July 2022, compared to July 2021.
Many took to public transport, as spending on buses was up 6.5% per consumer in July, compared to June, and spending on trains was up 6.6%.
Overall, the increase in spending on transport was up 6.3% per consumer in July 2022, compared to June 2021.
Hospitality IndustryAs the price of a popular cheeseburger went up to €1.70 in the last week, the new Revolut data shows that spending at fast food restaurants was up 5.7% per consumer in July, compared to June.
As a whole, spending at restaurants rose by 11.3% per consumer in July, compared to June.
Additionally, restaurant spending was up 21.6% per consumer in July 2022, compared to July 2021.
A spokesperson for Revolut said the latest Revolut data suggests that Irish consumers are adapting their spending patterns to cut back on leisure activities such as clothes shopping and days out.“Many consumers are looking to prioritise spending whilst inflation surges. The data suggests consumers are looking for cheaper brands in the supermarkets in order to keep money aside for treats at restaurants," the spokesperson said. “Similarly, the decrease in spending on clothes and days out could be to prioritise travel. After a couple of years of restricted travel, consumers are looking for a summer away. However, they’re being careful as to where they’re spending, focusing their money on hotel and flight bookings, and dodging the airport shops.”
The global financial 'super-app' currently has more than 1.9 million customers in Ireland.