Revolut have released new data findings on Irish spending for April. They found that spending dropped by 3% when compared to March but there was a surge in spending on activities outside the home.
There were ten categories that saw an increase in April, with hotel spend up 28% month on month. Despite bars only being open for takeaway drinks spending was up 48% albeit from a small base. Bar spending rose the most for 18 – 24 year olds, up 61% on the previous month, as the younger generation look to rediscover their social life.
Transport also saw an increase with airline spend up 25%, commuter train spend up 23% and taxi spend up 21%. Off licenses and restaurants also saw an increased spend of 5%.
Spend declined across a number of sectors including supermarkets and pharmacies which were both down 5%. Digital goods and furniture were also down for April when compared with March.
The report confirms that younger people are more likely to spend online and in April 52% of spending by 18-24 year olds was online while 49% of spending was online for the 25-34 age group.
When we breakdown the remaining age groups their online spending in April looks like this:
- Age 35–44: 46%
- Age 45 – 54: 39%
- Age 54 – 55: 29%
- Age 65+ : 24%
What is interesting is that the 65+ age group are up to three times more likely to do their supermarket shop online than the 18-24 age demo.
Many retailers opened their doors by appointment only on 10th May and Revolut saw more money spent in Penneys than any other non-essential retailer on day one. The next highest spend was in JD Sports stores followed by Brown Thomas, Zara and Argos. Revolut confirmed that Penneys stores accounted for 30 of the top 50 retailers in the country for Revolut spending on 10th May.
Revolut also noted that on the same day people were spending €768 per minute in the hairdressers, barbers and salons with Grafton Barber being the most popular hairdressing retailer among Revolut users. The average spend in hairdressers was €25.
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