Card spending declined by 4% in June as consumers cut back 

The decline marks a shift away from the record level of card spending in May 2022, which at €8.5bn, was the highest level of card spending since statistical collection began.
Card spending declined by 4% in June as consumers cut back 

According to figures from the Central Bank of Ireland, ATM transactions declined by 4% to €1.2bn in June 2022. 

Total card spending in Ireland fell by 4% to €8.2bn in June 2022 compared to the previous month, as consumers cut back amid rising prices and a cost of living crisis.

The decline marks a shift away from the record level of card spending in May 2022, which at €8.5bn, was the highest level of card spending since statistical collection began.

According to figures from the Central Bank of Ireland, ATM transactions also declined by 4% to €1.2bn in June 2022. 

However, overall card expenditure was €1.14bn higher in June 2022 compared to the same month last year, when a number of pandemic-related restrictions were in place which limited certain in-person spending.

As increasing numbers of people head overseas on holiday, total in-person card expenditure outside of Ireland rose by 16% compared to May and a 170% increase from June 2021, when travel restrictions were in place.

Both the retail and grocery sector experienced a decline in card expenditure on a month-on-month basis, at 4% and 5% respectively.

Total in-store spending fell by €141m to €3.8bn in June, a decrease from the previous month.

Total online expenditure also took a hit, falling by 4% to €3.2bn, compared to May 2022. For the third consecutive month, online spending remained at 45% of overall point-of-sale spending in June.

 

More in this section

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Some of the best bits from irishexaminer.com direct to your inbox every Monday.

Sign up