Card spending, including ATM withdrawals, equated to €7 billion in January, a decrease of 18 per cent or €1.5 billion, when compared to the previous month, according to the Central Bank’s latest high-frequency data.

The month on month decline was in line with seasonal trends observed in previous years, the regulator said.

When compared to January 2021, when public health restrictions limited in-person spending, this represents an increase of 36 per cent, or €1.8 billion, it said.

In-store spending totalled €3 billion in January, an increase of €1.1 billion, or 60 per cent, on January 2021. Online spending also rose, but by a smaller margin of 21 per cent.

All sectors, with the exception of electrical goods, contributed to the increased annual spending in January, the Central Bank said.

The transport and accommodation sectors recorded the largest year-on-year increases, of 321 per cent and 494 per cent, respectively.

Conversely, spending in all sectors, with the exception of transport and education, declined when compared to December, in part reflecting seasonal developments.