Spending on nights out and socialising soars in October – Revolut

New figures from financial technology company Revolut show that spending soared on get-togethers and nights out as Covid-19 restrictions lifted in October.

Consumer spending was up by 5% across the board last month and Revolut said that Irish people appear happy to kickstart the economic recovery by spending the additional savings many accumulated during lockdown.

Data from Revolut’s 1.5 million Irish customers showed a 388% increase in monthly spending on clothing hire as families across the country celebrated long-delayed communions, confirmations and weddings.

Spending on catering/meal delivery was also up by 27% compared to September, while today’s figures also show a 16% surge in spending on bands – another likely indicator of the impact of events such as weddings.

Spending on tickets for gigs and events was up by 13% in October on a monthly basis, the report found, while Revolut customers spent 12% more in bars and 10% more at fast food outlets than they had in September.

Toy shops also enjoyed a very successful October, with spending in the sector 46% higher than it had been in September.

Revolut said that consumers may be heeding warnings about possible supply chain issues in the run-up to Christmas and decided to start stocking up early on must-have gifts.

The transport sector also saw a range of increases in consumer spend as more workers returned to offices, on top of the rise in socialising.

Spending on tolls and parking were both 4% higher than in September, as was spending at petrol stations.

Revolut customers also spent 9% more on taxis, 13% more on commuter transport such as trains and 14% more on buses.

But spending in many areas related to domestic tourism fell in October. Tourist attractions and museums saw expenditure by Revolut customers fall 1%, while spending at hotels was down 5%.

Car hire expenditure among Revolut’s Irish users was down 11%, while spending at campsites was 29% below the September figure.

Revolut also noted a decline in spending on medical-related expenses in October.

Spending at doctors was down by 10% in October, while spending on medical services was down 9% for the month. Dentists and opticians were not exempt from the decline as they each saw spending fall by 6% over the month as well.

Article Source – Spending on nights out and socialising soars in October – Revolut – RTE

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