June spending drops as consumers reduce social and retail activity

by Rachel Cunningham
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Rachel Cunningham

Debit and credit card analysis for June revealed a four per cent overall monthly fall in spending, with a drop in consumer outlay across sectors, according to Bank of Ireland.

In contrast to the trend last month, total social spending fell by five per cent in June, as consumers scaled back their pub spend by eight per cent compared to May, spending four per cent less money on fast food and three per cent less in restaurants.

The overcast weather in June is thought to have contributed to a 25 per cent increase in spending in cinemas.

Spending in each of the 26 counties fell in June, with Donegal dropping the most at eight per cent. It was noted that holiday-makers returned to popular European locations following a relative decline in May, with June spending hikes recorded in Italy, Portugal, Spain and France.

Jilly Clarkin, Head of Customer Journeys & SME Markets at Bank of Ireland, commented on the new findings, stating: “Cost of living increases are a concern for everyone, and in that context it is not surprising to see June’s spending levels dropping a bit on last month.”

She described recent spending trends as “uneven”, adding: “It’s probably too early to identify a clear trend, but some people may be getting more prudent with their money as they look ahead to the second half of the year. But we’re also entering peak holiday season, so some consumers could just be holding their spending until they get away.”

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