Debit, credit card spending down for third month in a row in July

Spending on debit and credit cards fell in july for the third month in a row, in step with figures published today by the central bank.

General card spending fell by 2%, or €137m, to €8 billion in july as compared to june.

Atm and point-of-sale transactions fell by using 4%. General retail spending the usage of debit and credit cards fell by means of 3%, or €87m, to just over €3 billion.

On an annual foundation, card spending is still 11%, or €808m, better than in july 2021 when spending become nonetheless held lower back with the aid of a few covid-19 restrictions.

Spending on offerings is up 22% on a yr in the past, with spending on transport up 109%.

On a monthly foundation, the only services sector to have visible a boom in spending was accomodation which rose by 5%.

“social spending” which incorporates restaurants and enjoyment rose via 2% in july in comparison to june and is 35% and 18% better on an annual basis respectively.

In the retail sector, all categories fell in july compared to june, except for groceries, which remained unchanged. On an annual foundation, purchases of electrical items are down 15%.

On-line spending turned into down 4% inside the month however is up 19% on an annual foundation and accounted for 44% of overall point-of-sale spending.

In-store spending rose by means of 9% on an annual basis and bills for 56% of card spending.

Atm transactions remain “subdued”, in accordance with the central bank. They remain 14% below pre-pandemic levels.

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