Total card spending rose by 16 per cent, or €1.1 billion, in January compared with the same period last year, data from the Central Bank shows.
The increase was driven primarily by a 21 per cent, or €629 million, rise in online spending.
Total card spending of €8 billion, which includes ATM transactions, fell by 13 per cent, or €1.2 billion, compared to the previous month.
Total point-of-sale card expenditure decreased by 12 per cent to €7.1 billion in January compared to December.
Parties’ general election manifestos struggle to make the figures add up
On his return to Web Summit, the often outspoken chief executive Paddy Cosgrave is now an epitome of caution
Surviving a shake-up: is restructuring ever good for staff?
The Irish Times Business Person of the Month: Dalton Philips, Greencore
The volume of point-of-sale card transactions was 10 per cent, or 16 million transactions, lower in January when compared to the previous month. The average value of transactions decreased by 3 per cent to €46.30 per transaction.
Total retail sector spending decreased by 27 per cent to €3 billion in January when compared to December. On an annual basis, total retail spending increased by 9 per cent, or €245 million.
This was mainly driven by a 16 per cent, or €41 million, year-on-year increase in spending on clothing.
All retail sub-sectors recorded a month-on-month decrease. The clothing sub-sector experienced the highest monthly decrease of 47 per cent to stand at €294 million.
Spending on groceries and electrical goods also both saw a large monthly decrease of 23 per cent respectively. This was reflective of seasonal decreases following the Christmas period.
Total spending on services increased by 17 per cent in January compared to December. The education sector saw the greatest monthly movement in spending, increasing by 132 per cent to €98 million, which is in line with seasonal trends.
In annual terms, spending on services recorded a year-on-year increase of 22 per cent, or €325 million. The headline increase was predominantly driven by increased spending in the transport sector, which rose by 62 per cent year on year.
Social spending decreased by 18 per cent in January when compared to the previous month.
This was driven by a decrease in spending on entertainment, which declined by 22 per cent, or €74 million. When compared to the previous year, social spending increased by 25 per cent, or €152 million.
ATM transactions saw a 20 per cent month-on-month decline to €966 million. However, this represents a 3 per cent increase on January 2022.
Total card expenditure outside of Ireland increased by 2 per cent, or €6 million, when compared to the previous month. In annual terms, this represents an increase of 41 per cent or €96 million.
Total in-store spending amounted to €3.5 billion in January, representing a 24 per cent, or €1.1 billion, decrease when compared to the previous month. In annual terms, there was a 14 per cent, or €429 million, increase.
Total online expenditure increased by 3 per cent to €3.6 billion compared to the previous month, and saw an increase of 21 per cent, or €628 million, when compared to January 2022.
The proportion of total point-of-sale spending conducted online increased by 8 per cent in January, equating to 51 per cent of all card transactions. It was the first month since April 2021 that online spending exceeded in-store spending.
