Consumer spending sees notable drop despite Irish victories at Rugby World Cup

“Ireland’s victories at the Rugby World Cup didn’t produce a social spending boost at home." Photo by Brendan Moran/Sportsfile

Bank of Ireland debit and credit card spending in September fell by a total of 8% when compared to the previous month, maintaining a trend which has seen spending in September fall back by between 6% and 8% throughout 2021, 2022 and 2023. 

While the back-to-school period seems to have dampened spending, the lender says Irish consumers’ expenditure in France jumped 9% which is "no doubt" driven by rugby fans.

The latest Bank of Ireland Spending Pulse recorded drops in both social spending, down 14% and in the Retail sector, down 7%, as consumers tightened their belts following back-to-school season. 

Despite Ireland’s matches at the Rugby World Cup becoming appointment viewing - with the clash against the Springboks on September 23rd drawing the largest TV audience of the year so far - the report found that monthly pub spending was down 19% in total, with outlay in restaurants and fast-food outlets falling by 17% and 14% respectively.

A similar story emerged internationally, with spending in Greece (-23%), Portugal (-18%), Spain (-13%) and Germany (-11%) all dipping.

There was however a silver lining in France, with hordes of Irish rugby fans contributing to a spending spike as they attended Ireland’s matches in Bordeaux, Nantes and Paris. 

The regional domestic breakdown was gloomy also, with spending drops of 9% recorded in Donegal, Kildare, Laois, Louth, Mayo and Meath.

Spending amongst different age groups also plunged in September, with teenagers down by a significant 20%. Spending amongst 18 – 25-year-olds fell by 6% as they marked their return to colleges and training courses, with the 36 – 45 cohort tightening their belts considerably by posting a 9% drop.

Commenting on Bank of Ireland’s September Spending Pulse, Jilly Clarkin, Head of Customer Journeys & SME Markets at Bank of Ireland said, “It was not surprising to see spending decline in certain areas, with travel impacted in particular. 

"Car rental outlay fell by 30%, accommodation spend dropped by 21%, bus travel by 14%, and toll fees by 6%, as many people fell back into their regular routines close to home.” 

“Ireland’s victories at the Rugby World Cup didn’t produce a social spending boost at home. Perhaps the ever-growing number of fans are biding their time until the knockout stages begin, which could see October’s spending rise dramatically if Ireland can reach the final in Paris at the end of this month.”