Ireland’s emergence from the Covid-19 pandemic this year is evident from consumer spending data compiled by fintech app Revolut, which has reported significant annual increases in activity in restaurants, hairdressers, as well as overseas.
Revolut, which has more than 2 million customers in the State, has compiled a review of Irish customers’ spending habits from 2022.
As indoor dining resumed after closures and restrictions, the average user spent 50 per cent more at restaurants. The biggest increase was by 65-74 year olds, who spent 55.6 per cent more. At the lowest end of the spectrum, those aged 35-44 still spent 39.3 per cent more.
On the other side of the coin, the amount spent on meal delivery declined by 5.7 per cent. The biggest decrease was among those aged 75 and over, who spent 13.6 per cent less. However, 18-24 year olds spent 0.5 per cent more than last year.
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There were declines also on grocery spend, where the average user spent 7 per cent less. However, 18-24 year olds spent 10.4 per cent more, in contrast to those aged 65-74, who spent 15.1 per cent less on groceries.
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As the rise in the cost of living affected many aspects of life this year, Irish consumers spent 1.6 per cent less at clothing stores. Those aged 18-24 spent 11.1 per cent less. However, those aged 75 and over spent 7.8 per cent more.
Despite the rise of inflation, the average user spent 1 per cent less at pharmacies. The biggest decrease was among users aged 75 and over, who spent 7.9 per cent less. Those aged 18-24 spent 6.3 per cent more at pharmacies.
The average user spent 17.7 per cent more at barbers, hair salons and beauticians. The biggest increase was in users aged 75 and over, who spent 27.8 per cent more. At the lowest end, 35-44 year olds still spent 12.7 per cent more than the previous year.
In terms of entertainment, the data shows a 4.3 per cent increase in spending on digital goods including media, books, video and music.
The most popular video streaming services were Netflix, Prime Video and Disney Plus. The most popular music streaming services were Spotify, Apple Music and Amazon Music.
Irish holidaymakers spent money in an average of 3.83 countries over the past year, which represented a 23.4 per cent increase. The most popular countries outside the Republic were the UK, the US, Spain, the Netherlands, Luxembourg, Malta, France, Lithuania and Germany.
Elsewhere, the total number of active people trading cryptocurrencies on Revolut in Ireland increased by 61 per cent.
In terms of saving, 41 per cent more customers in the State put money away on the Revolut app, while the average user in Ireland has increased their savings by 52 per cent.
The data also shows that Revolut customers donated €2.4 million to the RTÉ Toy Show Appeal. The money went to the Community Foundation for Ireland.
