Last month saw a major increase in travel as EU COVID passports were issued.
This sharp rise overseas was led by older people in particular. Spending on airlines among Revolut’s 1.5 million Irish customers was up 50% in July when compared to June. Airport purchases were also up by a similar amount with duty-free shopping seeing a 70% increase in spending.
Revolut also noted that spending outside of Ireland by Irish Revolut customers increased by 39% in July when compared with June, with the older age demos again leading the way. Foreign spend was up by 70% amongst people aged 45-54. In people aged 35 – 44 spend was up by 55% and in the 18-24 age group spend was up 33%.
Ireland’s heatwave last month boosted outdoor eating and drinking and Revolut reported that domestic spending in restaurants was 15% higher in July than it was in June. Spending in bars also increased by 24% when compared with the previous month. Tourist attractions, taxis and commuter trains also saw an increase in spend in July. Consumer spend overall was 8% higher in July when compared with June. This activity aids the gradual recovery of the Irish economy.
However not all sectors saw an increase in spend. Hardware store spend fell by 10% and garden centre spend fell by 26%, returning to more traditional levels of spending again as people have more choice in how they spend their summer.
Sebastian Hamilton, the head of public affairs at Revolut Ireland, said: “The introduction of the COVID passport on July 19th appears to have been a significant factor in the return of international travel, as shown by the surge in spending on airlines and at airport shops and duty-free.”
This steady increase of spend within the economy will hopefully continue over the next few months aiding Ireland’s recovery from the pandemic.
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