ATM withdrawals decreased in January by 2% year-on-year, now accounting for just 12% of total card spending according to Bank of Ireland's consumer spending trends.
Bank of Ireland customer cash withdrawal are down from nearly a third of transactions before the pandemic, new figures from the bank have shown.
BOI figures show that household spending was up 6.1% in January compared to the same time last year, driven in part by a 23% increase in what the bank called “spending on sports clubs”.
The rate at which consumers increased spending jumped by 6.1% between January and December.
There was a marked surge in spending on gym memberships as overindulgent consumers tried to reinvent themselves.
That’s the view of the latest Consumer spending trends from Bank of Ireland and to discuss the findings further was Conall Mac Coille the Chief Economist with Bank of Ireland.
Year-on-year spending on hotels and resorts (likely linked to future holidays) increased by 4.9% year-on-year.
Meanwhile, clothing sales were down 5% compared to last year, while electrical goods spending went up by 6.4%
BOI forecast a 3% real growth in consumer spending for 2025.
With Valentine’s Day just gone, BOI highlighted that generally spending at florists usually rises to five or six times the normal daily average during this period.
However, spending on online dating services has been falling steadily over the past number of years down 17% year-on-year in January and 43% since the peak in 2021.
