Value of card transactions rises as shoppers prepare for summer, figures suggest
David Value Creedon 4m, To The Terms, Month May Previous 4% On Ferries On On Year Came Parison Increasing By To In 3 Up In Spending Grew Almost Year And 7% Picture: €18 2023,
More people splurged in May compared to the previous month despite lingering cost pressures, according to figures by the Central Bank.
Monthly card payment statistics released by the financial regulator showed the volume of transactions jumped 5.4% from 214 million in April to 225 million, while the value of Irish card payments also jumped by 4.7%, growing by €380m from €8bn to €8.5bn.
Domestic business as well as international ones drove the value higher.
The value of domestic transactions jumped by €320m, 4.8%, and €60m, 4.1%, internationally during the period.
The Central Bank figures suggest much of this spend can be attributed to consumers making plans for the summer.
For example, spending on ferries, cruise lines and boat rentals increased in May.
In value terms, spending on ferries came to €18.4m, up almost 4% on the previous month, and grew year on year in comparison to May 2023, increasing by 3.7%.
The value of cruise line spending jumped 11.6% in the month, while boat rentals increased by 49%.
In May, all three sectors hit their highest value so far this year.
Meanwhile, remote online payments have increased month on month since February 2024 and in-person point of sale payment levels reached their highest point so far in 2024.