Bank of Ireland said it was seeing an increase in spending on its customers’ debit and credit cards as the countdown to Christmas is in full swing.
The bank’s latest debit and credit card spending shows there has been a 30% increase in spending in early December compared to the same time last year.
It said a number of sectors are already witnessing a pre-Christmas boost with beauty spending soaring 96%, while electrical spending jumped 56%.
Spending on clothing rose by 25%, while spending in toy shops was up 17%, spending in restaurants rose by and spending in pubs were up 2%.
Bank of Ireland noted that 36 to 45 year olds have spent the most money so far, while the most common last-minute spenders during the festive period based on 2023 spending data were 36 to 45 year old men.
It also said that the last “Big Shop” happened in 2023 on December 23 – which was the biggest grocery shopping day on debit and credit cards recorded during the year.
Dawn Bailey, Head of Financial Wellbeing at Bank of Ireland, said we are already seeing an uptick in spending on Bank of Ireland debit and credit cards this year, as Christmas shopping begins in earnest.
She said the bank’s Financial Wellbeing Index for 2024 shows a broadly similar sentiment to last year with some modest movements across the spend, save, borrow, and plan areas.
“Regular saving helps to improve our overall financial resilience and reach our long-term financial goals. When it comes to Christmas and other calendar occasions or big life events, planning ahead is probably the most important first step in managing and being in control of your finances,” she said.
Article Source – Bank of Ireland sees 30% rise in Christmas debit and credit card spending – RTE