The latest analysis of debit and credit card expenditure by the Bank of Ireland’s Spending Pulse reveals that the wettest July on record has led to a surge in indoor activities. The release of the movies ‘Barbie’ and ‘Oppenheimer’ has resulted in a significant increase in cinema spending, with a whopping 136% rise compared to the previous month. Overall spending in July saw a 3% increase compared to the previous month. This surge in cinema spending contrasts starkly with July last year, when only a modest 5% increase in movie outlay was recorded due to warmer and drier conditions.
Indoor activities were the order of the day throughout July, with aquarium spending increasing by 43%, bowling alley spending up by 42%, and arcade spending spiking by 17%. Social spending, which dipped 5% in June, bounced back in July with a positive uptick of 16% overall. Eating out also proved popular, with restaurant spending rising by 12%, pub spending increasing by 9%, and fast-food spending up by 7%.
While rain fell in Ireland, mainland Europe experienced a heatwave. However, this did not necessarily lead to major spending increases in popular holiday destinations. Dramatic heatwaves in Italy, Cyprus, and Greece saw only slight spending increases as holidaymakers sought out more temperate spots. Spending rose more steeply in countries with more moderate temperatures, including France, Portugal, and Spain.
County by county spending in July showed that Galway and Monaghan had the highest spending, while spending in Leitrim remained flat. Increases were also seen in Cavan, Clare, Dublin, and Kerry. The overall spending pattern nationwide mirrored that of July 2022.
In-person spending accounted for 58% of overall spending in July, with 42% recorded online. Jilly Clarkin, Head of Customer Journeys and SME Markets at the Bank of Ireland, commented on the effects of the rainy weather, stating that people flocked indoors to escape the rain. Bookstores and bakeries saw spending boosts, but it was cinema spending that stood out the most. The success of the ‘Barbenheimer’ movie was perfectly timed for those looking to escape the damp conditions, resulting in a remarkable 136% monthly uplift in cinema spending.
Ms. Clarkin expressed hopes that August will bring an improvement in the weather, with families across the country looking forward to sustained sunshine. Reflecting on a spending spike on paddling pools and ice cream in next month’s Bank of Ireland Spending Pulse report would be most welcome.
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