Consumer spending on nights out, events surged in October – Revolut

Irish consumers "got the party started" in October, according to Revolut, with monthly spending on clothing hire surging 388 per cent as delayed weddings, communions and confirmations finally took place.

The digital payments group, which has 1.5 million customers in the Republic, said there was also a “significant rise” in clothes purchases last month, as people refreshed their wardrobes ahead of rescheduled events, nights out or a return to the office.

As pandemic restrictions were further loosened, spending by Revolut customers rose 5 per cent overall compared with September, with outlays in bars up 12 per cent and spending in fast food outlets up 10 per cent.

Its figures also show a 16 per cent surge in spending on bands, which it said was another likely reflection of the impact of events such as weddings returning to the calendar.

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The October report also highlighted a 62 per cent higher spend at cinemas as film fans were lured back to the big screen by the release of James Bond instalment No Time to Die and science-fiction epic Dune. Spending on tickets for gigs and other events climbed 13 per cent month-on-month.

The figures include more than a week’s worth of data following the reopening of nightclubs and similar venues on October 22nd, the lifting of the 11.30pm curfew for bars and restaurants and the go-ahead for live music venues to operate with full seating capacity as well as up to 1,500 people standing.

Purchases at bowling alleys soared 74 per cent, meanwhile, and outlays at amusement parks and pool halls rose 29 per cent and 16 per cent respectively.

However, spending on doctors, hospitals and medical services fell compared with the previous month, while domestic tourism spending – on hotels, campsites, tourist attractions and car rental – also declined.

Toy shops

Toy shops enjoyed a successful October, Revolut said, with spending in the sector 46 per cent higher than it had been in September. The figures suggest that consumers heeded warnings about possible supply chain issues in the run-up to Christmas and decided to start stocking up early.

The transport sector also saw a range of increases in consumer spend as more workers returned to offices. Spending on tolls and parking were both 4 per cent higher than in September, as was spending at petrol stations. Revolut customers also spent more on taxis, trains and buses during the month.

"The spike in consumer spending on nights out and family events is unmistakable," said Revolut Ireland's head of public affairs Sebastian Hamilton.

“We have all seen first-hand how much these communal events mean to Irish consumers, and the October Revolut report shows just how eagerly we have embraced the return to those occasions.”

Its figures suggest that many Irish consumers are eager to use the savings built up during successive lockdowns, he added.

“Clothes retailers, shoe shops and department stores will be particularly happy at the level of sustained increase in expenditure – and equally they will be hoping this is a harbinger of a successful year-end as we head towards Christmas.”