Card spending peaked ahead of Level 5 restrictions
Credit and debit card spending dropped following the introduction of
Level 5 restrictions, according to the latest data from the Central
Bank.
As seen with the original restrictions in March, the figures show
that spending increased in the days leading up to the new restrictions
being introduced, and in this case peaked on the day prior to lockdown.
The latest monthly data for September shows the impact of Level 3 restrictions in certain counties.
The figures show that total card spending, including ATM withdrawals, were largely unchanged in monthly and annual terms.
Spending was €6.5 billion over September, 0.7% lower than August, and
representing a 1.4% decrease when compared to September last year.
The total number of credit and debit card transactions fell in September from 132 million to 128 million.
The impact of nationwide Level 5 restrictions, introduced in mid-October, will be captured in next month’s data.
However,
early data shows that for the week 19 to 25 October, total card
spending, including ATM withdrawals, was 1.6% below the daily average
for October last year.
A similar pattern is evident in the value of ATM withdrawals over the past week, with the latest data for 25 October showing a reduction of 34% compared to the daily average in October 2019.
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