Consumers Feel Inflation Pinch

Irish consumers have been spending more on eating out, grooming and holidays this year, but inflation concerns are making them more wary, new surveys show.

Data from payments app Revolut found that spending and savings increased in 2022 compared with lockdown levels in 2021, but a Bank of Ireland survey found people are worried about rising prices and may be less able to save in future.

Diners spent 50pc more at restaurants this year compared with last year according to Revolut, which has more than two million customers in Ireland. Grocery spending fell 7pc – except for 18 to 24-year-olds, who spent 10.4pc more – while meal delivery spending was down 5.7pc year-on-year.

Irish people spent 17.7pc more at barbers, hair salons and beauticians, but 1pc less at pharmacies. They spent 1.6pc less on clothes, Revolut’s annual consumer spending report found.

People are travelling abroad more, spending in an average of three countries over the past year a 23.4pc increase on 2021. The most popular countries were the UK, the US and Spain.

Spending on media, books, video and music was up 4.3pc, with Netflix, Amazon’s Prime Video and Disney+ being the most popular services.