Credit and debit card spending increases by 47%

The amount of credit and debit card spending jumped 47% last year, new figures show.

The peak amounted to an annual increase of 2 billion euros which was recorded in April of this year.

However, April 2020 saw the largest drop due to the introduction of Covid-19 health restrictions at the end of March.

It represented the lowest level of monthly spending in over four years.

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Credit and debit card spending jumped 47% last year, new figures show (Andrew Matthews / PA)

Pennsylvania

Credit and debit card spending jumped 47% last year, new figures show (Andrew Matthews / PA)

The amount of card spending, including ATM withdrawals, in April of this year fell 5% from March.

Point of sale (PoS) spending fell 6% in April from March to € 5.2 billion.

In annual terms, point-of-sale spending was 49% higher than in April 2020, while ATM withdrawals remain moderate and are down 3% from the previous month.

The volume of card transactions decreased in April 2021, as the number of transactions decreased by € 7 million compared to March.

In annual terms, this represents an increase of 51% compared to April 2020.

Total retail spending fell in April, down 5% from March and up 32% from April 2020.

Accommodation, hardware and transportation were the only sectors to register monthly increases of 16%, 5% and 2%, respectively.

Due to the sharp contraction in spending at the start of the Covid-19 pandemic in April 2020, all sectors saw year-over-year increases.

Spending on services was down 5% from March 2021, with all sectors except accommodation and transportation declining on a monthly basis.

The largest reduction was in education, which fell 27% from March 2021, but this was in part due to the seasonality of education spending.

Social spending fell 6% from March 2021, as spending on restaurants and entertainment fell by 3% and 9% respectively.

Both are significantly higher in annual terms compared to April 2020.

The latest daily sector data as of May 24 show increases in most sectors, with spending in the transportation and accommodation sectors showing particularly strong growth, although both sectors remain well below their pre-market levels. pandemic.

Total online spending was € 2.6 billion in April, down 8% from March and up 40% year-over-year.

Online spending accounted for 51% of all point-of-sale spending in April, continuing the reduction from January’s record high of 57%.

Despite a € 97 million drop in in-store spending, the share of in-store spending accounted for 49% of total PDS spending, down from 43% in January, despite the fact that public health restrictions remained largely unchanged in January. during the intervening months.

The latest daily data shows that this trend of increasing in-store spending continues into May.

When non-essential retail reopened, in-store spending rose sharply and once again became the primary method of card spending.

Monthly data is collected from the largest credit / debit card issuers resident in Ireland.

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