The latest spending report from the bank reveals an interesting trend in consumer behavior. In July, the average spend per transaction at ticket agencies increased by a whopping 88%, indicating a surge in fans rushing to secure tickets online. It seems that Irish consumers were particularly enthusiastic about two blockbusters, “Barbie” and “Oppenheimer,” which were released late in July. Cinema spending skyrocketed by 132%, with the number of transactions increasing by 136%.
While consumers splurged on concert tickets, they also made efforts to cut back in other areas. Analysis of 70 million debit and credit card transactions shows that average daily spending fell by 3% in July, with clothing spend declining by 10%. Grocery spend at supermarkets decreased by 7%, and spending on homewares dropped by 8%.
Unfavorable weather conditions impacted socializing, leading to a 2% decrease in spending at pubs and off licences nationwide. However, Kerry defied the national trend, with spending in pubs across the county increasing by 8% as fans celebrated Kerry’s journey to the All-Ireland Football Final.
Interestingly, AIB’s report highlights a 7% increase in spending at fast-food restaurants compared to only a 3% rise in hotels and restaurants over the same period. This data reflects the impact of inflation, as the head of SME banking, John Brennan, points out. The only sector to record an increase in spending in Ireland last month was the hotel industry, with hotel spend up by 5% during the key summer holiday season.
Furthermore, spending on airline travel remained unchanged throughout the month, indicating a stable pattern. It is worth noting that shoppers aged 25 to 34 decreased their spending by 1%, while those aged 45-54 reduced their spending by 5%.
In line with the overall digitalization trend, Irish consumers continued to embrace online shopping, with a remarkable 17% year-on-year increase in online spending. John Brennan emphasizes the importance of businesses being aware of and responsive to this significant shift towards digital transactions.
Overall, this report provides valuable insights into consumer spending patterns and highlights the need for businesses to adapt to evolving trends in order to meet customer demands effectively.
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