Spending on Bank of Ireland Credit/Debit cards up 5.7% in June
The latest Bank of Ireland credit/debit card data show spending was up 5.7% in June, still well ahead of CPI inflation at 1.8%, indicating substantial real price adjusted gains for Irish households. Clearly, there has been little impact from any Trump-tariff related uncertainty and the recent dip in consumer confidence. Holiday related spending was up sharply in June; accommodation (4.3%), car rentals (13%) with electrical goods sales (16%) helping the retail sector. The data also show households still turning away from cash, ATM withdrawals down3.6% on the year, now representing just one-in-eight euro spent. Overall, the credit/debit card data suggest consumer spending is expanding faster than our current forecast for a 2.4% real gain in 2025, closer to the upwardly revised 2.9% pace seen in 2024.
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