Debit and card spending rebounds since low point of Covid crisis

Spending on debit and credit cards rose to €1.8 billion in the week ending December 14th, which coincided with the lifting of coronavirus restrictions and the run-up to Christmas, according to the Central Bank.

This was up 111 per cent up on the €875 million spent in the week ending April 16th, which coincided with the first lockdown. The figure for last year was not available.

The figures are part of new data series compiled by the Central Bank.

During the first week of March, prior to the introduction of Covid-19 restrictions, just under €1.5 billion was spent on debit and credit cards, including ATM withdrawals.

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But by mid-April, at the height of lockdown, this had dropped 41.2 per cent to €875 million.

Use of cash

ATM withdrawals indicate the use of cash to pay for goods and services. During the first week of March, €368 million was withdrawn at ATMs. This had dropped 60 per cent to €147 million by mid-April but recovered in part to €301 million by mid-December.

However, even with this partial recovery in ATM transactions, the numbers in December remain lower than the first week in March, with a fall of 18.2 per cent in the amount of cash withdrawn.