Consumer spending falls by €147m in October

Data from the Central Bank shows total spending in October including ATM withdrawals equated to €7.3bn, a decrease of 2% on September

Restaurant and entertainment spending increased by 3% and 5%, respectively, when compared to September. Picture: iStock

Credit and debit card spending fell in October as Irish consumers spent less on hotel accommodation, electrical goods, and on education.

New data from the Central Bank shows total spending in October including ATM withdrawals equated to €7.3bn, a decrease of 2%, or €147m on September.

Retail spending increased by 2% with spending on clothing experiencing the largest percentage increase of 5%, or €15m. However, this increase was offset by a fall of 2% in spending on electrical goods.

Spending on services decreased by 12% compared to the previous month, mainly driven by a fall in spending on education, which fell 66%, or €132m.

Spending on social activities increased by 4% in October, with restaurant and entertainment spending increasing by 3% and 5%, respectively, when compared to September.

Despite the month-on-month decrease, consumer spending in October was up 15%, or €973m compared to October 2020.

The Central Bank said that daily credit and debit card data recorded up until November 21 shows spending levels recovering, up 3% compared to the same period in October.

Online spending decreased by 5%, or €141m, compared to the previous month, while in-store spending was unchanged.

The figures show that demand for cash remains low. 

Despite increasing in annual terms, ATM withdrawals remain subdued compared to pre-pandemic levels and are 30% below October 2019.