Spending on toys and gaming spikes by 58%, says Bank of Ireland

Christmas shopping has started early with October spending on toys and gaming spiking by 58 per cent, and outlay in family clothing stores rising by 8 per cent, according to Bank of Ireland’s card data.

While many stole a march on the pre-Christmas rush, overall October debit and credit-card spending was down slightly (-3 per cent) compared with September, with consumers potentially tightening their belts ahead of the festive season.

A major hike in cinema spending (+97 per cent) in October was notable and, as many offices continued to reopen, there was also a 30 per cent monthly rise on tailoring and clothes alterations.

There was a boost for the entertainment and social sector as late-night bars and nightclubs swung back into action. Bank of Ireland’s group data team revealed significant spending increases in Dublin city-centre nightclubs.

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Some venues in Dublin 2 recorded spend increases of more than 200 per cent. Overall social spending slowed in October, rising only by 2 per cent, with monthly restaurant spend increased by just 1 per cent.

Foreign travel spending saw peaks and troughs in October, with airline outlay rising by 8 per cent. Norway (+13 per cent), Finland (+13 per cent), Iceland (+11 per cent) and Denmark (+8 per cent) all saw spending levels rise.

Elsewhere, perennially popular holiday destinations such as Greece (-40 per cent), Italy (-18 per cent) and Portugal (-14 per cent) all witnessed spending drops when compared with the previous month.

Monthly spending levels declined slightly across all 26 counties. Kildare (-4 per cent), Kerry (-4 per cent), Clare (-4 per cent), Kilkenny (-4 per cent) and Mayo (-3 per cent) all suffered dips.

Festive season

John O'Beirne, director of business banking at Bank of Ireland, said: "Christmas shopping has started early for some, with consumers out early for toys, gaming and clothes, perhaps driven by commentary on supply-chain issues.

“While bars and nightclubs saw predictable spikes in spending, overall social spending was relatively flat, so many appear to be slowing down their spending slightly in advance of the festive period.

“Spending on caterers rose by 19 per cent in October, as many households kept their socialising in-house.

“As more and more parts of the economy gradually scale back up, future spending patterns will be more focused on the impending festive season.

“Consumer spending in retail outlets will be worth analysing, as outlets manage supply-chain issues and ensure their shelves are well stocked in the run-up to the busy holiday period.”