Total card spending reaches record level in May

The data shows the record spending level was driven by a monthly increase of €668 m within debit card point of sale (PoS) spending

Total card spending and ATM withdrawals by Irish consumers rose by €888m or 12% in May 2022, the highest value in spending since the statistical collection began.

New figures from the Central Bank show that total card spending last month amounted to €8.5bn, a 25% rise on May last year when public health restrictions resulted in less spending.

The data shows the record spending level was driven by a monthly increase of €668 m within debit card point of sale (PoS) spending which reached a total of €6.2bn.

As the holiday season kicks off total in-person card expenditure outside of Ireland rose by €44m, up 12% from the previous month.  

Due to last year's public health restrictions limiting travel, spending in the transport and accommodation sectors has seen very significant year-on-year increases in May, at 239% and 314%, respectively.

PoS spending rose to €7.3bn, an increase of 26 per cent in May in comparison to May 2021.

Meanwhile, ATM transactions increased to €1.2bn, up 17%, from the previous year.

ATM transactions continue to remain below pre-pandemic levels, down 10% from February 2020 figures.

The volume of PoS card transactions was 25% higher in May, compared to the same month last year. The average value per transaction continued to remain steady at €44.17 per transaction in May 2022.

The most up-to-date high-frequency daily data revealed that total card spending in June (to 19 June) was 15%, or €655m higher in comparison to the same period in June 2021.

The only retail sector to see a year-on-year increase was clothing. Yearly spending on the sector rose to €360m, up 12%. 

Total social spending increased by 13 per cent in May compared to April. When compared to the previous year, social spending increased by 85 per cent, or €385m. 

The increase in social spending was mainly fuelled by a rise in restaurant spending, which saw an increase of 130%, or €305 million compared to the same month last year.

Spending on entertainment also contributed to the rise in social spending, as it experienced an increase of €91m or 48%. 

Total spending in-store stood at €4bn in May, up 12% or €417m from April 2022. This represented an increase of 30 per cent, or €906 million, when compared to May 2021.

The fraction of all PoS spending carried out in-store remained at 55% for the second consecutive month.

Overall spending online rose by 13%, to €3.3bn, compared to April 2022. Compared to May last year online spending recorded an increase of 22%. 

Meanwhile, figures from the Central Bank also showed that household deposits decreased by €212m in May 2022. This follows a significant increase of €1.2bn the previous month.

Overall household deposits rose by almost €7.4bn over the last 12 months, the current annual growth rate of 5.4% has fallen from the high levels recorded during the pandemic period.