Sat, 08 Oct 2022

DUBLIN, Ireland: July credit card data reported by Bank of Ireland was no surprise, showing that most Irish consumers had reduced spending due to rising costs.

At the same time, out of school teenagers were spending more than normal.

In July, Irish teenagers spent 17 percent more in than they did in June. Of note, June figures showed teens spending nearly 20 percent more than during the school year.

Jilly Clarkin at Bank of Ireland said the increase in teen spending "perhaps reflects a less cautious attitude than the rest of us," as quoted by The Independent.

Overall, Irish consumers have reduced their clothing purchases by 10 percent. Grocery sales also fell by 1 percent in July.

The Bank of Ireland report also indicated that spending on petrol increased by 5 percent.

The summer weather also saw a rise in spending in pubs and restaurants of 4 and 3 percent, respectively.

Perhaps as more people entertained at home, bakery spending was increased 15 percent over the month.

Irish credit cards registered increased spending in European holiday locations, such as Portugal and Italy. Still, Croatia saw the largest increase in spending from Irish account holders, up 28 percent in July.

At the same time, overall card spending in July declined 1 percent, as opposed to June.

"The sun was shining in July and we were doing less shopping and more socialising," Clarkin said.

"However, the spending picture was a mixed one last month, with some sectors performing well and others flat lining or dropping slightly."

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