Card spending surges 30% as consumers flock back to shops

Total card spending, including ATM withdrawals, was up 30 per cent in February compared with the same month last year as consumers flocked back to shops following the lifting of Covid-19 public health restrictions.

Overall, people spent or withdrew €1.6 billion more than the previous year, new data from the Central Bank shows. The increase was driven by in-store spending, which rose by more than €1 billion, or 51 per cent, to €3.1 billion.

Total online expenditure fell by 5 per cent to €2.8 billion compared with January, but was up by 16 per cent compared with February last year.

Spending across most sectors, with the exception of groceries and electrical goods, increased over the year. Spending on services recorded strong year-on-year increases, rising by 80 per cent, or €656 million.

Dermot Desmond-backed bank can handle ‘worst-case’ scenario from Ukraine war

---

Mixed bag for US banks as conflict disrupts sector

---

Ukraine war may delay call on Irish banks to hold more capital

---

Citigroup to create 300 new jobs in Dublin

---

While all services sectors recorded year-on-year increases, the transport and accommodation sectors recorded the largest annual increases again in February, of 408 per cent and 511 per cent respectively.

Compared with January, however, overall spending in February was marginally lower, declining by 1 per cent, or €61 million, to €6.9 billion.

Total retail spending was down 3 per cent, or €87 million, in February compared with January. Compared with February of last year, when public health restrictions were in place, retail spending was 12 per cent, or €300 million, higher.

Groceries

Groceries recorded the biggest drop in spending, falling by 4 per cent or €53 million. The clothing and hardware stores recorded the strongest increases, rising by 54 per cent and 20 per cent respectively.

Social spending rose by 7 per cent, or €46 million, compared with the previous month. Compared with the previous year, social spending doubled by €332 million. This was driven by an increase in restaurant spending, which rose by 169 per cent, or €258 million, while spending on entertainment was 48 per cent stronger, or €75 million.

Irish spending outside of the country was 10 per cent (€24 million) higher compared with January, and by 136 per cent (€150 million) compared with February last year.

The latest high-frequency daily data shows that spending was largely unchanged last month (up to March 20th) compared with February, while, in annual terms, it was 25 per cent, or €963 million, higher than the corresponding period in March 2021.

Point of sale (PoS) spending was 32 per cent higher in February when compared with February 2021, at €5.9 billion, while ATM withdrawals increased by 20 per cent, to €972 million.

Online spending accounted for 48 per cent of overall PoS spending in February, a decrease of two percentage points when compared with January.