Consumer spending down 7 per cent at Bank of Ireland
The drop in debit and credit card spending by the bank’s customers reflects a broader trend in the market
Spending on debit and credit cards at Bank of Ireland was down 7 per cent in April compared to March, new figures from the bank show.
Retail spending was down 7 per cent while social spending dropped 5 per cent - very similar to drops recorded in April 2022, according to the banks Spending Pulse report.
The data highlights and contributes to a broader trend of reduced consumer spending, both in Ireland and internationally. Shares in Asos, an online fashion retailer, dropped by 11 per cent following its results announcement on Wednesday. The poor showing has been attributed in part to weaker consumer spending as overall consumer confidence across Europe and the US has continued to fall in recent months.
