Debit and credit card spending rose in the days lending up to the introduction of Level 5 restrictions and then fell away sharply, mirroring the same pattern seen in the build up to the lockdown back in March, Central Bank figures show.
The regulator’s latest monthly debit and credit card statistics show total card spending, including ATM withdrawals, were largely unchanged in September. Spending was €6.5 billion, 0.7 per cent lower than August, and representing a 1.4 per cent decrease when compared to September last year.
The number of transactions with credit cards fell from 13 million in August to 12.5 million in September, a decrease of 4 per cent; but also saw a 7 per cent increase in average spend, from €63.32 in August to €67.82 in September.
The report, which includes preliminary data for October, found that after a period of increased spending activity in the latter weeks of September, total spending declined through the first half of October.
The latest daily data, up to October 25th, only covers the first four days of the nationwide Level 5 restrictions.
“As seen with the original restrictions, spending increased in the days leading up to, and in this case peaked on the day prior to, the new restrictions being introduced,” it said.
For the week up to October 25th, total card spending (including ATM withdrawals) was 1.6 per cent below the daily average for October last year.
A similar pattern is evident in the value of ATM withdrawals over the past week, with the latest data for October 25th showing a reduction of 34 per cent compared to the daily average in October 2019.
