Total card spending increased by 10 per cent to €8.8 billion in August compared to July, which was the highest value in spending since records began, according to data from the Central Bank.
The increase was predominantly driven by a monthly rise of €626 million within debit card point of sale spending to total €6.5 billion.
Overall card expenditure was 15 per cent, or €1.17 billion, higher in August compared to August 2021, when Covid-related restrictions limited certain in-person spending.
ATM transactions (€1.2 billion) and point of sale transactions (€7.6 billion) also saw a month-on-month increase of 5 per cent and 11 per cent respectively.
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The volume of point of sale card transactions was 11 per cent higher in August when compared to July. The average value of transactions remained relatively unchanged at €43.93 per transaction in August.
Total card expenditure outside of Ireland increased by 1 per cent, or €5 million, when compared to the previous month. When compared to August 2021, this represents an increase of 56 per cent, or €194 million.
Total in-store spending amounted to €4.2 billion in August representing an increase of 10 per cent compared to the previous month and recorded a 14 per cent year-on-year increase. The proportion of total point of sale spending conducted in-store was 55 per cent.
Total online expenditure increased by 12 per cent, to €3.4 billion, compared to the previous month and saw an increase of 23 per cent when compared to August last year. Online spending was 45 per cent of overall point of sale spending in August.
Total retail spending increased by 9 per cent, or €285 million, in August compared to July. Spending increased across all retail sectors on a monthly basis.
Compared to August of last year, when public health restrictions were in place, total retail spending increased by 9 per cent, or €285 million, which was driven by a 9 per cent increase in groceries to €1.4 billion.
Electrical goods was the sole retail sector to record a decrease of 9 per cent while groceries, clothing and hardware sectors recorded a year-on year increase.
Spending on services recorded a year-on-year increase of 22 per cent, or €332 million. The headline increase was predominantly driven by increased spending in the transport sector, which rose by 80 per cent.
All services sectors recorded month-on-month and year-on-year increases. Total spending on services increased by 11 per cent in August compared to July, which was driven by spending on education which saw an increase of 172 per cent or €70 million.
Total social spending increased by 12 per cent in August compared to July. When compared to the previous year, social spending increased by 22 per cent, or €165 million.
This was driven by an increase in restaurant spending, which rose by 25 per cent, or €124 million, while spending on entertainment increased by 16 per cent, or €39 million.
