Economy

Cinema and outdoor hospitality spend soar amid reopenings, Revolut data shows

Overall expenditure recorded on digital payments platform rises 6 per cent in June

spending at cinemas rose 1,351 per cent compared with May. Photograph: Artur Widak/NurPhoto via Getty Images

Mon Jul 5 2021 - 05:28

Irish people flocked back to cinemas and outdoor hospitality in June, with spending at the movies up 1,351 per cent compared with May, according to Revolut, the digital payments group.

Outdoor dining and cinemas reopened on June 7th with certain restrictions, while hotels reopened five days earlier. There had been some drive-in movies activity in May.

The June 2021 Revolut Report also shows that month-on-month spending in bars, which previously had been restricted to take-away service, was up by 293 per cent, while hotels saw a 148 per cent increase, and spending at tourist attractions rose by 149 per cent.

Overall, 67 per cent of spending by Revolut users, which number 1.5 million people in the Republic, in June was carried out physically, with just 33 per cent online.

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"Outdoor dining has proved very popular with Irish consumers – as has the return of cinemas," said Sebastian Hamilton, head of public affairs at Revolut Ireland. "What's also notable, though, is that at the same time as they were spending at restaurants, bars and cinemas, consumers were cutting back somewhat in other areas. Clothes shopping, DIY and garden expenditure all fell over the period.

Policymakers

“In all, though, overall expenditure rose by 6 per cent, suggesting that people were prepared to spend a little extra during the month once they were able to get to outdoor restaurants and cinemas.

“We know that the public have saved billions of euro during the pandemic: what policymakers want to know is whether they will spend that money as society reopens further, or whether they will prove more cautious, and perhaps invest what they’ve saved rather than indulging in a major spending splurge.”

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