January saw a surge in spending prior to the lifting of Covid restrictions

December had already seen record consumer spending

Retail spending was 3% higher in December 2021 with social spending up 28% compared to the previous year. Picture: iStock

New figures show consumer spending in Ireland had surged in January prior to the lifting of almost all covid-related restrictions.

Data on credit and debit card spending show that between January 1 and January 23, the day after the Taoiseach announced the removal of restrictions, spending was up 26%, or €1bn, compared to the same period in 2021 when the country was under a strict lockdown.

The figures from the Central Bank also show that card spending in December, in the run-up to Christmas, hit a record €8.4bn which was 8% above December 2020 levels.

Retail spending was 3% higher in December 2021 with social spending up 28% compared to the previous year despite the introduction of an 8pm curfew on December 20.

Point of sale (PoS) spending was 10% higher in December 2021 when compared to December 2020, at €7.2 bn, while ATM withdrawals decreased by 2%, to €1.2bn. ATM withdrawals remain subdued compared to pre-pandemic levels and were 31% below December 2019 figures.

The Central Bank said spending dropped off significantly in the week after Christmas but picked up again in January. In-store spending in January was 47%, or €674m, higher than in the same period of January 2021.