Retail was the primary driver as card spending increased by 23 per cent, or €1.2 billion, last month when compared to February, new data from the Central Bank shows.
Total card spending for the month of March, including ATM withdrawals, equated to €6.5 billion, the figures show. In annual terms, there was an increase of 13 per cent, or €754 million, recorded.
However, it must be noted that March 2020 was characterised as a month of two halves, with increased spending at the beginning of the month and a significant decline in the latter half due to the introduction of Covid-19 health restrictions.
The data shows that the average daily spending to April 26th was largely unchanged compared to the previous month.
Point of sale (PoS) spending was 23 per cent higher in March compared to February, at €5.5 billion. In annual terms, PoS spending was 21 per cent higher than March 2020.
ATM withdrawals rose by 24 per cent over the month, but remain significantly subdued compared to the pre-pandemic period, recording a year-on-year decline of 18 per cent compared to March last year.
The volume of card transactions grew strongly in March, with the number of transactions growing by 27 per cent, or 132 million, when compared to February. This represents an increase of 18 per cent when compared to March 2020.
In nominal terms the value of these transactions remained stable, at an average transaction of €49, a fall of 3 per cent when compared to February.
Total retail spending rose in March, up 26 per cent from February, and an increase of 22 per cent when compared to March.
Groceries and hardware spending contributed the largest proportion of the headline monthly increase, up 22 per cent and 43 per cent, respectively.
Spending on services rose by 17 per cent from February, with all sectors, except education, increasing on a monthly basis.
Despite month-on-month increases, spending on transport and accommodation remains significantly below March 2020 levels, down 43 and 57 per cent, respectively.
Social spending increased by 29 per cent compared to February, with spending on both restaurants and entertainment continuing to increase from their nine-month lows in January.
The latest daily sectoral data shows that spending in the transport and accommodation sectors has increased in recent weeks, although remains significantly subdued compared to the pre-pandemic period.
Total online expenditure amounted to €2.9 billion in March, an increase of 18 per cent on the previous month and represents an increase of 48 per cent in year-on-year terms.
Online spending accounted for 52 per cent of all PoS spending in March, continuing the reduction from January’s record high of 57 per cent. In-store spending rose by €595 million, or 29 per cent month-on-month, in March. This represents the highest level of in-store spending since December 2020.
