Consumer spending slows in September as ‘summer buzz’ wears off

Spending on credit and debit cards by Bank of Ireland customers fell 6 per cent last month as consumer activity calmed following the lifting of Covid restrictions earlier in the year.

New figures show spending on social activities in particular slowed, falling 11 per cent versus August. Spending in restaurants was 18 per cent lower, while bars saw a 22 per cent decline. Fast-food outlet spend was down 17 per cent.

Spending on accommodation nosedived, down 30 per cent during the month as schools reopened. Hotel spend was 30 per cent lower.

Entertainment was also lower, rising by just 2 per cent versus a 13 per cent increase in August.

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Transport spend rose 3 per cent in September with airlines up 20 per cent. Car rentals however declined by 17 per cent month-on-month.

“We can see from the debit and credit card transactions that September was a slower month on the consumer front, with the summer buzz beginning to wear off and belts tightening somewhat. The honeymoon period of spending after the lifting of restrictions appears to be normalising, in line with schools reopening and more businesses returning to the office,” said John O’Beirne, director of business banking at Bank of Ireland.