Card spending fell in October as cost-of-living pressures mounted and consumers spent less on services and less online. The Central Bank’s spending statistics are the latest so-called high-frequency indicator to point to a slowdown in activity.
They show total card spending, including ATM withdrawals, fell 3 per cent, or €251 million, last month to €7.9 billion compared to the previous month. The volume of point of sale (PoS) card transactions was 1 per cent, or €1 million, lower compared to the previous month. The average value of transactions remained relatively unchanged at €44.45 per transaction.
Total spending on services decreased by 12 per cent in October compared to September, driven by a significant reduction in expenditure on both education and accommodation which contracted by 56 per cent and 13 per cent respectively with a combined decrease of €141 million.
The decline in education spending was “reflective of seasonal decreases following the beginning of the academic year in September”, the regulator said.
Parties’ general election manifestos struggle to make the figures add up
On his return to Web Summit, the often outspoken chief executive Paddy Cosgrave is now an epitome of caution
Surviving a shake-up: is restructuring ever good for staff?
The Irish Times Business Person of the Month: Dalton Philips, Greencore
Total online expenditure decreased by 4 per cent, to €3.2 billion, compared to the previous month but was up 17 per cent in annual terms. Online spending amounted to 47 per cent of overall PoS spending in October.
Total retail spending increased by 2 per cent to €3.2 billion. Spending increased across all retail sectors on a monthly basis, with clothing experiencing a 9 per cent monthly increase. On an annual basis, total retail spending increased by 6 per cent, or €185 million. This was mainly driven by a 7 per cent or €80 million year-on-year increase in the consumption of groceries/perishable products, the Central Bank said.
