Tag: #SPENDING

Savvy Irish consumers prioritise spending where prices stay the same

The latest monthly consumer spending report by Revolut, the global financial super app, reveals that the average consumer in Ireland is spending 13.1% more, year on year.

However, Revolut data suggests that many people are prioritising shopping and activities where prices have stayed the same over the past year. Many products and services that haven’t seen average customer spend increase, or by very little, have seen the number of customers increase. Likewise, products and services that have seen average customer spending increase have seen the number of customers fall.

In travel, the average customer purchasing a cruise is spending 18.9% more, year on year, yet the number of customers buying cruises has only increased by 2.2%. In contrast, the number of consumers spending on air travel has increased by 23%, year on year, as the average customer is only spending 3% more. Furthermore, the average consumer is spending the same amount on passenger railways, suggesting that prices have stayed the same, year on year, yet the number of customers has increased by 70%.

Similarly, the average customer spend on buses stayed the same, but the number of customers increased by 6.3%, year on year, and the average customer spend on car rental dipped by 18.7%, but saw the number of customers increase by 65.4%.

Since the end of lockdown, Revolut data has consistently shown the trend of consumers prioritising their spending on activities and experiences. However, the latest Revolut data suggests that consumers in Ireland are being very savvy when it comes to this. The average consumer is spending 12% more on golf courses, suggesting that prices have increased, yet the number of customers has fallen by 7.4%, year on year.

However, average consumer spending on amusement parks, cinema tickets, spas, and gyms, has seen very little to no change, which suggests that stable prices could be part of the reason for the increase in number of customers by 13.4%, 75.5%, 28.3%, and 23.8%, year on year.

In shopping, the number of customers at sporting goods stores decreased by 12.1% as the average customer is spending 13.1% more, suggesting that prices have increased significantly. However, the average customer at a florist is paying the same amount, year on year, but florists have seen the number of customers increase by 9%, and average customer spending at antique shops is down by 5.1%, but they’ve seen the number of customers rocket up by 53.8%.

There is a clear outlier in the Revolut data. Despite an increase in prices, department stores could be having a revival. These stores often aim to make shopping more experiential, which, for the post-lockdown consumer, could explain why the number of customers has increased by 23.3%, year on year, even though the average customer is spending 10.2% more.

ABOUT REVOLUT’S DATA

With millions of customers, Revolut is able to provide ultra-fast, high-frequency anonymised and aggregated data on general consumer spending patterns. Revolut’s data is used by Governments in multiple jurisdictions for analysis and forecasting. In Ireland, Revolut data has been used in a variety of Department of Finance bulletins and was quoted in Budget 2021 forecasts. Revolut has over 2m customers in Ireland, where half of adults with a smartphone use Revolut.

Revolut spending data is set out in the tables below, and is adjusted for the growth in Revolut’s users.

Concept of double spending in blockchain

Blockchain is an essential part of a decentralized mechanism and one cannot imagine working of crypto without its discussion. Without blockchain, the concept of cryptocurrency is merely on paper. It is because of the blockchain that the crypto network works efficiently and easily. Every minor change is supported by the algorithms of blockchain and this is considered the constructing unit of the digital network. If you are interested in Bitcoin trading, you may also consider knowing about bitcoin-profit.com, it can make it easier to start the journey.

Blockchain is considered beneficial not only theoretically, but monetarily its importance is no lesser than the crypto network. Several transactions happen on the platform of blockchain. As every transaction is unique and there should be no duplication because of the concerns related to security and reliability, if anytime this happens the process is defined as the process of blockchain double-spending. In this article, we are going to discuss the real meaning of double spending in the blockchain. So, let us start the journey!

Transaction process

Every transaction that happens on a platform can be commenced in two ways. The ways are either through offline methods or online methods. When the exchange of physical currency is involved, the process adopted is commonly offline, whereas when the exchanges do not involve physical currency, the process normally adopted is online. Here, as the entire structure is based on a digitally controlled setup, so the process that will exist is online.   

Role of bitcoin in handling double spending

The working of the entire crypto network, especially bitcoin, is dependent on a set of protocols that were set on the date on which the concept of bitcoin was conceptualized. The white paper involving the launch of bitcoin has meant protocols as well that supported its existence. Though the technology has advanced and new things have crept inside the bitcoin interface, still, the principles are the same and are still the original. These protocols involve confirmation-related mechanisms before proceeding with any transaction. This helps the user to maintain a universal ledger that is known by the name blockchain. Without any confirmation, no transaction can be completed and made. These confirmations are responsible for the success rates in the blockchain network and thus support the reliability and efficiency of the bitcoin network. 

Results of double spending

The process of blockchain involves the creation of blocks by the miners that store information in the form of blocks. If there are chances that two miners at the same pick up the same block and according to the process wait for their confirmation from the chain. It is pertinent to note that the transaction that goes straight to the validator first will be validated first and the second to come will remain invalid. So, in this case, there is a kind of race between two blocks and ultimately between the users making the blocks. 

Prevention of double spending

Double spending can be prevented by following some measures.

  • The solutions of central nature

The management of central nature can keep a record of every transaction happening on the platform. It can be in the form of software or an individual that has the record of every incoming and proposed outgoing from the investor’s account. The coins can be tracked by this central tracker.

 

  • Decentralized solution

A decentralized solution is none other than blockchain. The biggest ledger of digital platforms maintaining the records of every incoming and outgoing can be easily kept in digital records on a blockchain platform. Other measures include using technology derived from the blockchain platform such as a digital ledger outside the purview of blockchain and other decentralized applications having applications of the same. These can be effectively used for providing a robust solution.  

5 Best Ways to Spend Your Ethereum

Ethereum is a digital currency, but its primary purpose isn’t to become an alternative monetary system but to facilitate smart contracts and applications via the global virtual machine. You can deploy ETH as a digital currency, an investment, or a store of value, so you have a few different options. The Ethereum blockchain has several real-world applications, impacting various sectors of activity and proving to be a promising solution from a security standpoint, but let’s not forget about its decentralized nature. Chances are you want to know what you can do with your ETH tokens before diving into them, so please continue reading to discover the crypto usability. 

1. Get NFT Tickets 

Even if you’re not a football fan, that’s not a good enough reason not to take part in the fantastic World Cup madness. Christian Eriksen has made a full recovery and will take to the field with the entire world’s support. The last time we saw him at a major tournament was at UEFA EURO 2020, when the Denmark midfielder suffered a cardiac arrest; he was technically dead for a few minutes. The revamped Albiceleste might actually win this time, but it will be Lionel Messi’s last World Cup. The last chance to purchase tickets for the upcoming event has already begun, so you should better hurry. 

The Qatar World Cup 2022 launched its very own NFT collection featuring highlights from the most prestigious international football tournament. If you want to enjoy the very best goals scored by Tim Cahill, Michael Owen, or Jared Borgetti, NFTs are a good investment. For the time being, crypto payments aren’t available for international fans. Still, it’s possible to buy tickets to some sporting events via cryptocurrencies like Ethereum; the tickets are purchased online but only issued via SMS following an identity verification. Resale isn’t possible because NFTs are developed to be non transferable. 

2. Convert Your Ethereum to Cash

One day, you’ll be able to use ETH for any purchase. For now, a couple of businesses accept payment in cryptocurrency. If you can’t pay in Ethereum when you’re at a shop, don’t fret because there are numerous cryptocurrency ATMs active around the world that allow you to convert your coins into domestic currency. Using the ATM implies connecting your wallet, usually via a QR code. Attention must be paid to the fact that some ATMs ensure only one-way transactions, meaning that crypto can’t be sold. Selling Ethereum is simple, so all you must do is scan your wallet QR code, choose how much crypto you want to sell based on the ETH price, and receive cash after the transaction is processed. 

3. Donate To a Noble Cause 

Donating to charity helps others and provides a sense of fulfillment. You give back to the community, which makes you feel happier, stronger, and braver. Who knows? Maybe you’ll encourage others to become more altruistic. Some of the world’s most prominent charitable organizations accept cryptocurrency donations, so put your coins to good use. It doesn’t matter whether you give a little or a lot; what matters is that you’re contributing to a good cause. Donating Ethereum directly to an organization allows you to protect your personal information without incurring high fees. Watch out for charity scams – in other words, cryptocurrency projects claiming to donate the winnings to non-profit organizations. 

4. Shop Online Using Ethereum Tokens

Some online platforms let you use Ethereum to pay for products and services, such as Amazon, Travala, and Ethlance, to name a few. There’s an ever-increasing number of apps and maps that show you which stores accept cryptocurrency. If a store takes ETH, it’s like a credit card to pay for products and services. Just like consumers, merchants have it easier with tokens. All they need to accept cryptocurrency payments is a digital wallet, which eliminates the need for complex and expensive payment processing systems. Transactions are processed immediately, so merchants have quicker access to the funds, representing an attractive feature. 

If you want to use your crypto holdings to fund your online shopping, you can. You can shop at Amazon, but there are some hurdles you must be aware of. To be more precise, the world’s largest online retailer doesn’t accept Ethereum or other cryptocurrencies directly, so converting your coins into fiat currency is necessary. You can buy Amazon gift cards, which can be used to purchase goods and services online; millions of in-store items are redeemable. Even if Amazon doesn’t accept direct cryptocurrency payments, other shops do. For example, Newegg has been accepting cryptocurrencies since 2014, so you can pay directly from your digital wallet. 

5. Become A Lender on DeFi Platforms

Private lending is one of the oldest and most proven forms of investing. You make a profit from what you earn in interest from the borrower; if they fail to repay the loan, you can profit even more. Owing to blockchain technology, peer-to-peer lending has never been simpler. You enlist your coins on a Defi platform for lending purposes, and the borrower takes the loan directly. Smart contracts automatically collect repayments at the agreed interest rates. DeFi lending allows you to become a lender just like a bank, and the interest rates are more lucrative as compared to the ones offered by traditional financial institutions. There are various mechanisms for allocating interest to investors, so pinpoint the right one. 

Final Thoughts 

It’s getting a bit easier to spend Ethereum. Several places accept it as payment if you want to spend your coins directly (know what fees are involved before you jump in). You can make indirect investments by acquiring NFT tickets or donating to charity. The possibilities for safe and effective spending will only multiply as people become more open to the metaverse, so it’s worth looking out for novelties. A hardware wallet is the safest way to store ETH because it’s offline, but it can’t replace good safety practices. Use good passwords, enable two-factor authentication, and keep your private information private.

45% of Irish consumers expect to spend more money during the World Cup 2022

45% of Irish consumers expect to spend more money during the World Cup 2022, as revealed in new consumer research of 250 Irish respondents aged 18+ conducted by Talon Ireland and Bounce Insights.

Ireland is a nation of football enthusiasts, with football being the second most-watched sport. Despite not competing in the tournament, Talon Ireland expects to see increased engagement and movement from this audience profile.

The consumer behaviour study identifies two viewing opportunities – In home viewership and Out-of-Home viewership. 50% of respondents will be watching the matches at home. 27% planning to watch the matches in the pub and 11% of those surveyed are unsure of their plans yet, only knowing that they will be watching with friends – providing an opportunity to connect.

Out-of-Home Viewership: Targeting Opportunities

Data from Talon Ireland and Bounce Insights shows that Irish consumers are planning to walk (34%), drive (22%), taxi (17%), bus or DART (Dublin Area Rapid Transit) (17%) to watch the game, this highlights huge opportunities for Out-of-home (OOH) advertising. With most matches kicking off around the afternoon time, there is further opportunity for brands to capitalise on dynamic digital Out-of-Home (OOH) as brands can build up excitement and hype in the morning and target consumers who are out and about before the games begin.

In-Home Viewership: Targeting Opportunities

Irish fans plan on spending more on food and drink to elevate their In-home experiences. This year, given the tournament timing, there are likely to be more spontaneous gatherings than normal, all accompanied by food and drink. According to the data, snacks (66%) and beer (54%) are the items at the top of everyone’s list, creating a huge revenue opportunity for brands in this sector. Not to mention pizza (46%), crisps (45%), wine (22%), Chinese (18%), spirits (16%) and Indian (5%).

Although reports state that Irish consumers plan on cutting spending due to Inflation concerns, this new data reveals that the impact of the World Cup on consumer spending is still massive, especially given that this year’s tournament aligns with Christmas. 45% of respondents have admitted that they will be spending more money during the World Cup, with 47% unsure of the amount they will be spending and only a small minority (9%) saying they will be spending less.

Aoife Hudson, Deputy Managing Director at Talon Ireland, said: “With the world’s most anticipated sporting event of 2022 kicking off in November this year, and the final game set to take place just a week before Christmas, the advertising sector is gearing itself up for a very busy Q4. Without a doubt brands and advertisers need to put their best creative foot forward and tackle this quarter head-on. And Out-of-Home advertising (OOH) is the ultimate creative canvas for brands to capitalise on consumer interest for this once in four-year opportunity.”

With anticipation building, now is a critical time for brands to start planning their Out-of-Home (OOH) campaigns and gain that competitive advantage against their competitors. Talon Ireland has highlighted a few tips for advertisers to remember when planning World Cup campaigns:

  1. Preliminary planning. The timing of the FIFA World Cup tournament is a first for many. It begins on the 21st of November right through to the 18th of December which brings us right up to Christmas week. Traditionally it is the busiest time of year for advertising, however, this year even more so, putting strain on inventory availability.
  2. Be creative. Creativity is one of the most powerful weapons under a marketer’s control. There are countless studies to prove that creative Out-of-Home campaigns increase effectiveness. In this digital era, if your creative is compelling enough, people will do the amplification for you.
  3. Multi-environment approach. Growing investment, acceleration in digital and increased innovation means Out-of-Home formats can help your brand capture the full attention of the consumer through a multi-environment approach. Our research gave us insight into where spectators will be watching these games. Your campaign can be built into each environment they visit, from the moment they leave their house right through to their final destination.

January Spending Levels Plummet as Lockdown Restrictions Hit Home.

Bank of Ireland debit card spending analysis for January has revealed a steep decline in consumer spending activity, as the spike witnessed before and during the Christmas period declined significantly. Some issues I have noted is the lack of transparency with stores here online and from contacting around ten Irish retail stores here asking about where their products shipped from they did not respond be it on social media or email which does  not bode well with any customer when now is the time for them to be up front and honest and try capitalise on their web shops here. I am one to support the shop local initiative however this is dwindling by the day and I will make my purchase elsewhere online outside Ireland.

Whilst charitable donations rose steeply in the final month of 2020, these levels suffered at the beginning of 2021, with a 53% month on month drop. Purchases of sporting apparel in January fell by 66% even though the first month of a new year is often seen as the best time to kick-start a fitness programme.

January spending trends also revealed that the fizz has gone out of spending on beer, wine and liquor as shoppers bought less of these items at the beginning of 2021, with a 57% drop recorded. This was in stark contrast to December as people stocked up for the Christmas festivities, with spending on beer, wine and liquors rising sharply.

Elsewhere the tightening of belts remained constant across the wider retail sector in January, with spending on clothes dropping a massive 70%, spending in hardware stores falling over a third month on month (-37%), while consumers appeared to be satisfied with their December purchases of electronic and software items as spending levels in this area dropped by 24%.

Commenting on these debit card spending patterns, Ger Thompson, Head of Current Account Banking at Bank of Ireland said: “January saw the majority of people ease back on their spending, which was to be expected after the series of spending spikes we witnessed across various retail sectors in the run up to Christmas. Notably in January we saw a drop of 41% in retail spending, including falls in purchases of sporting equipment and electrical equipment.

In addition and perhaps not surprisingly, we also saw “social” spending half in the month of January – with fast food outlets witnessing a spending decrease of 34%, restaurant spend down over 60% and pubs suffering a massive fall off in purchases (88%) as the COVID-19 lockdown restrictions really hit home.

 The hope amongst consumers must be that the current restrictions will be eased in the coming months and that some sense of normality can resume. Spending on memberships only dipped by 17% in January, which is a low figure relative to the drops we’ve seen elsewhere. So it is clear that plenty of people still retain hope in this early stage of 2021 that they will resume the sports or social activities they enjoy sooner rather than later.” 

 Bank of Ireland debit card transactions – January 2021 versus December 2020

Down ↓
Pubs                                        -88%
Clothing                                  -70%
Sporting Goods                     -66%
Restaurants                           -62%
Charity donations                 -53%
Bakeries                                 -46%
Bicycle shops                         -45%
Electrical & Software           -24%

PayPal survey: One in four Irish people purchased online services for the first time during the pandemic. #PayPal

A new study from PayPal reveals that one in four Irish consumers used or bought online services for the first time during the pandemic. Furthermore, some 76% bought products online during this period.

The study, conducted by Ipsos and involving 2,000 consumers in Ireland, found that a third (33%) of people plan to buy more products or services online going forward, compared to before COVID-19. Over half (51%) said they can buy everything online without any issues.

In terms of the most popular services purchased by Irish consumers, call/video call services took the top spot, followed by video on-demand subscriptions and music subscriptions. The most popular online product purchased during lockdown was clothing/shoes/accessories.

Some 86% of Irish consumers found benefits to buying online during the COVID-19 crisis. Home delivery availability was cited as the biggest advantage with almost two thirds (64%) of respondents selecting it. More than half (59%) cited no queues as a main benefit.

Access to shops and products from home and online being the only option to get the desired products were also among the top benefits, each being cited by 39% of people. Meanwhile, 21% of respondents said payment security was a main advantage.

Moreover, the survey found that a 59% of Irish consumers purchased something from abroad since the start of the COVID-19 pandemic.

Maeve Dorman, VP Merchant Operations, PayPal EMEA

Maeve Dorman, VP Merchant Operations, PayPal EMEA, said: “Understandably, there has been a huge shift toward online purchasing in recent months, and our research shows that this will be a permanent change for a lot of people in Ireland. Digital has become the new normal for buying both goods and, increasingly, services – as well as many consumers buying online for the first time, there are those who have completely changed their behaviours when it comes to purchasing as a result of the pandemic.

“COVID-19 has clearly accelerated the evolution of commerce in Ireland, with people turning to online shopping and digital payments rather than the traditional cash and in-store experience. As a result of this growing preference for the convenience associated with online purchasing, many are also buying from international sellers.

“Irish businesses need to step up and ensure that they are able to deliver an online offering equipped with a simple checkout process and secure payment options, otherwise they will fail to capitalise on the opportunity during what is already an extremely challenging time. Having a digital platform is more important than ever in order to meet the growing domestic need for online access to products and services, and future-proof businesses by attracting building trust among existing and new customers. It also opens up a huge global opportunity for Irish businesses to grow at this time.”