The latest monthly consumer spending report by Revolut, the global financial super app with more than 2 million customers in Ireland, reveals that the average consumer in Ireland is spending 15% more, year on year, with inflation and relaxed covid restrictions contributing. Looking at the average customer, travel spending increased 20.3%, shopping spending increased 9.1%, and entertainment spending increased 9.5% year on year.
New data from Revolut shows that supermarket spending increased by 18.9% compared to last year. The data also reveals that many are looking to cut costs down by shopping at discount stores, which saw an 13.9% increase in the number of customers, and where the average customer spent 6.8% more.
Similarly, Revolut’s data shows that spending on petrol increased by 19.5%, as compared to last year. However, bus companies saw a 36.4% increase in customers and a 36.7% increase in customer spending, year on year.
Furthermore, discretionary spending was up. In travel, customers of cruise lines (+109.3%), airlines (+30.8%), hotels (+14.3%), and travel agencies (+116.5%) all increased their spending, year on year.
In retail, discretionary spending was also up. The average consumer spent more at clothing stores (+12.5%), cosmetics stores (+26.8%), department stores (+14.6%), and furniture stores (+26%).
In entertainment, spending on digital goods, including media, books, films, shows, and music, declined 15%, year on year. Furthermore, the number of customers paying for these services declined by 22.4%, suggesting that many have cancelled their subscription services.
However, physical entertainment has increased significantly. Spending at aquariums increased by 65.1% and footfall increased by 54.5%, spending at museums increased by 58.1% and footfall increased by 47%, spending at theatres increased by 50.3% and footfall increased by 37%, year on year. However, despite awards season, the number of customers going to the cinema decreased by 5.6%.
Looking at month on month data, comparing February 2023 to January 2023, Revolut data gives insight into how people stuck to their New Year’s resolutions last month. For those looking to get fitter, the number of gym customers declined by 0.7%. For those looking to read more, book shop customers declined 8.9%. However, for those looking to find a partner this year, Revolut data suggests some may have succeeded, as the number of people spending on dating apps decreased by 15.7%, month on month.
A Revolut spokesperson said: “The periods of lockdown gave many consumers a new perspective on their priorities. The new priorities include travel, where spending on hotels and airlines continue to increase, and activities for days out, such as museums and theatres.”
“These new priorities suggest a continued desire to be around others and get out of the home.”