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.