AIB has revealed that average daily spending increased by 5% in February compared with the previous month and Roscommon saw the biggest increase in average daily spend for the month.
The data was compiled from c. 60m debit and credit card transactions in store and online during February 2023 and has been anonymised and aggregated. Data provided by AIB features one of the most comprehensive and accurate data sets on consumer spending in Ireland.
The majority of spending was online (36%), followed by chip and pin (33%), digital wallet (18%), and contactless (12%). The most money was spent on Friday, February 24th, coinciding with pay day for many people, while the least was spent on Sunday, February 19th. the last Sunday before pay day.
Analysis of the figures showed that the the overall total spend was €2.6bn; average daily spending increased month on month by 5% in February to €93m and Roscommon had the largest increase in average daily spend, at 7%, compared with Cork which had the lowest increase, at 4%.
Grocery spend accounted for most of the overall spend by a significant margin, at 18%, followed by health and beauty (5%), hardware (5%), restaurants (5%), clothing (4%), airline travel (3%), hotels (3%), pubs and off licences (2%), electronics (2%), and homewares (1%).
Pubs and restaurants saw the biggest increase in average daily spend at 26% and 15% respectively, after significant decreases in January of 40% and 23%. Average daily spend on airline travel fell by 17% in February, following a spike in January of 97%, likely as people booked holidays abroad to beat the post-Christmas blues.
The biggest increase in average daily spend on groceries was in Cavan and Clare at 12%, while the biggest increases in average daily spend in pubs and off licences was in Monaghan and Mayo at 36% and 33% respectively, followed closely by Sligo, Westmeath, and Cavan.
People aged 35-44 accounted for most of the overall spend (26%), followed by those aged 25-34 (22%), 45-54 (20%), 55-64 (13%), 65 and over (10%), and under 25 (9%).
