Taylor Swift and Coldplay drive a surge in concert spending by Irish consumers

Consumer spending overall during July saw a small decline compared to the previous month

The rush to buy tickets for Taylor Swift and Coldplay concerts next year saw spending with ticket agencies jump 88% compared to June. File picture: George Walker IV/AP

A surge in spending on concerts and in cinemas helped to bolster consumer spending during July which overall saw a small decline compared to the previous month, new figures show.

According to the AIB Spend Trend report for July, the average daily spend fell by 3% compared to June with spending on many items such as clothing, groceries, and homewares taking a hit.

The rush to buy tickets for Taylor Swift and Coldplay concerts next year saw spending with ticket agencies jump 88%. Ticket prices for Taylor Swift in the Aviva Stadium started at €86 while tickets for Coldplay in Croke Park started at €60.

In addition, July saw a big increase in spending in cinemas, increased by 132%, while the number of transactions increased by 136%, following the release of three blockbuster movies Barbie, Oppenheimer, and Mission Impossible Dead Reckoning Part One.

So far, Barbie has earned over €8.2m at the Irish box office, with Oppenheimer earning just over €5.1m, and Mission Impossible earning over €2.3m.

Last month being the wettest July on record also likely contributed to the additional spend on indoor entertainment.

The hotel sector was one of the only sectors to record an increase in spending month-on-month, up 5%, with the highest increases seen in Monaghan and Cavan, both up 12%.

Spending on airline travel remained unchanged.

Biggest decreases

Some of the biggest decreases in the month were in clothing, down 10%, homewares down 8%, and groceries down 7%.

Spending in pubs and off-licences was down 2% compared to June with the decline highest in Cork, down 5%. However, in neighbouring Kerry, an 8% increase was recorded which was likely driven by Kerry being in the All-Ireland football final.

John Brennan, head of SME banking at AIB, said the wet weather during July was felt “across almost all sectors”.

“Cinemas fared very well, with a huge increase in spending following the release of two blockbuster movies,” he said.

"The strong performance by the hotel sector despite the weather is positive, as the summer months are an important time for the industry.” 

Mr Brennan said the impact of inflation can be seen through the year-on-year increase in fast-food restaurant spend versus spend in restaurants and hotels.

Compared to July 2022, spending on fast food increased by 7% while spending in hotels and restaurants increased 3%. The report suggests this is tied to people choosing cheaper dining options.

Spending in service stations fell year-on-year by 11%, amid rising oil prices.