Spending down in pubs and air travel, despite busy end of summer period
The report, compiling the spending tendencies of 70 million Irish debit and bank card transactions final month, famous an 18pc improve in spending on homewares in August as the most important sectoral improve.
Hospitality noticed a blended image, with spending up barely in resorts (2pc) and eating places (1pc) however down barely in pubs (-1pc).
John Brennan, Head of SME Banking at AIB labelled the lower in spending on pubs in August was “disappointing.” He mentioned: “Summer season is historically a busy time for the sector.”
Nevertheless, pub spend was up 17pc in Westmeath in August, as a result of Fleadh Cheoil na hÉireann, which noticed almost 600,000 folks descend on the flagship conventional music pageant in Mullingar.
Spending decreased most within the airline journey sector final month, which was down 5pc. Sligo noticed the most important lower in spending on airline journey (-14pc) adopted by Leitrim (-12pc) and Mayo (-11pc).
A separate journey spend report, compiled by Revolut for July and August, highlighted that Irish holidaymaker’s spending after they had been overseas elevated by 4.2pc in comparison with final yr.
It listed Greece, Turkey, Croatia and India as inflation-proof vacation locations, with Japan, Vietnam, Thailand, Indonesia, New Zealand and South Africa all seeing a rise in Irish vacationers.
Two fashionable vacation hotspots bore the brunt of inflation, with the common Irish shopper visiting Portugal spending €321, which was an 8.5pc improve on final summer season, whereas the common Irish shopper visiting the UK spent €220, which was a ten.6pc improve on final summer season.
The UK, Spain, Portugal, Italy, France, Greece, Australia, and Croatia remained the most well-liked vacation locations for Irish vacationers this summer season, in response to the Revolut journey spend report.
The AIB report said that general spending in August rose by 1pc.
The largest lower in spending was amongst these aged between 25-34 (-2pc). Folks from Clare had the most important improve in spending final month which rose by 3pc.
Wanting on the yr, spending on grocery purchasing is up 5pc in comparison with 2022, consistent with inflation.
Charity spend elevated 14pc year-on-year, whereas Irish shoppers spending in malls elevated by 26pc within the yr.
Annual spend on utilities rose 2pc within the yr, regardless of rising power prices. On-line spending has elevated by 15pc when in comparison with final yr.
Mr Brennan described the 15pc improve in spending in eating places in comparison with final yr as a “good indicator of an upward development for the sector”.
He mentioned it was additionally attention-grabbing to see totally different spends throughout totally different components of the nation.
“These insights are important for companies, to assist them plan accordingly and develop their enterprise,” he added.