The post-pandemic recovery in the hospitality industry is continuing as pace, new research indicates.
Restaurants, pubs, fast food outlets and accommodation service providers benefited from increases in debit and credit card transactions during the month of July, according to figures released today by Bank of Ireland.
Card spending in July was fairly flat, with a one per cent total monthly fall recorded but while other age groups mainly decreased their spending, teenagers are clearly enjoying their summer holidays with a major spending increase of up to 17% for July, a trend which was also reflected in June.
The bank analysis shows that there was an increase in credit and debit card transactions reported in restaurants (3%), accommodation (5%), pubs (4%) and fast food (1%) but there was a reduction in the number of transactions in clothing (-10%), bus lines (-8%), transport (-5%) and groceries (-1%).
The improved July weather also saw a spending hike in cinemas of +5%, a stark drop from June’s cinema spending rise of +25%.
Overall, spending in the retail sector was down 3% in total but spending on petrol (+5%) rose as forecourt fuel prices levelled off somewhat.
Consumers were also evidently not keen to forego their sweet treats in July, with spending in bakeries (+5%) also rising.
Bank of Ireland official Jilly Clarkin, said: “The sun was shining in July and we were doing less shopping and more socialising. However, the spending picture was a mixed one last month, with some sectors performing well and others flat lining or dropping slightly”.
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