Card spending falls in October as cost-of-living pressures mount via IrishTimesBiz
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Card spending, including ATM withdrawals, fell 3 per cent, or €251 million, last month to €7.9 billion Photograph: Getty ImagesCard spending fell in October as cost-of-living pressures mounted and consumers spent less on services and less online. The Central Bank’s spending statistics are the latest so-called high-frequency indicator to point to a slowdown in activity.
They show total card spending, including ATM withdrawals, fell 3 per cent, or €251 million, last month to €7.9 billion compared to the previous month. The volume of point of sale card transactions was 1 per cent, or €1 million, lower compared to the previous month. The average value of transactions remained relatively unchanged at €44.45 per transaction.
Total spending on services decreased by 12 per cent in October compared to September, driven by a significant reduction in expenditure on both education and accommodation which contracted by 56 per cent and 13 per cent respectively with a combined decrease of €141 million. The decline in education spending was “reflective of seasonal decreases following the beginning of the academic year in September,” the regulator said.
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