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Spend yesterday approached pre-Covid levels – Revolut

Hairdressers, barbers, spas, chiropractors and dentists were among the big beneficiaries of the Phase 3 reopening of the economy yesterday, according to transaction data from Revolut.

Pubs and restaurants also got a boost from the restart of business, although to a lesser extent than the other big winners.

Excluding online shopping, overall spending yesterday by Revolut’s one million Irish customers across 15 categories was up 52% compared to average daily spending during the lockdown.

It was also almost back at average daily spending levels for the month before the Covid-19 pandemic led to severe restrictions to business activity across the country over three months ago.

Compared to a normal Monday prior to lockdown, the overall spend was up 23%.

Not surprisingly, high demand for personal grooming services resulted in a significant bounce in that sector, with spending by hairdressers and barbers up 72% versus the daily average prior to the arrival of restrictions.

Revolut says the data suggests that prices charged by hair and beauty providers increased only marginally, with customers spending an average of €37.81 in hairdressers and barbers yesterday, compared to an average before lockdown of €36.15.

Spending on spas was also up by nearly half compared to the average spend prior to restrictions being put in place.

But the picture was more mixed in the hospitality sector, with overall spending in pubs still less than half of the pre-lockdown daily average, although higher than an average Monday before the pandemic struck.

The requirement for customers to buy a meal worth at least €9 helped propel spending, with the average customer handing over €27.64 in the pub last night, compared to just €13.99 on an average night out before Covid-19.

Spending in restaurants though was less strong, coming in at a third of what would have been spent on an average night before the restrictions. 

It was also just over half of what would be spent on a regular Monday night before Covid-19.

Many people also used the lifting of restrictions as an opportunity to attend a dentist or chiropractor, with both services seeing a more than doubling in spend versus the period before the pandemic arrived.

When it comes to taxi use, spending was much lower than it was before the Government introduced restrictions, at around a quarter of average levels prior to restrictions being introduced.

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