Debit and credit card spending doubles over course of pandemic

ireland
Debit And Credit Card Spending Doubles Over Course Of Pandemic
A new analysis from the CSO found that spending has recovered to similar levels before restrictions.
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By Digital Desk Staff

Debit and credit card spending has more than doubled in the past eight months since a major drop was seen amid the first wave of the Covid-19 pandemic.

A new analysis from the Central Statistics Office (CSO) found that spending has recovered to similar levels to those before Covid-19 restrictions were first introduced.

Spending increased by 111.2 per cent from April to December, from €875 million in mid-April to over €1.8 billion in the week that ended December 14th.

The analysis based on data from the Central Bank of Ireland covers transaction on all euro-denominated credit and debit cards issued to Irish consumers and businesses.

Early indicator

It includes both online and in person transactions, along with ATM withdrawals, with the data working as “an early indicator for household consumption and economic activity”.

Prior to Covid-19 restrictions in the first week of March, €1.5 billion was spent on debit and credit cards.

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However, this figure dropped over 40 per cent to €875 million by April 16th amid the first surge of the pandemic.

ATM withdrawals, which indicate the use of cash to pay for goods and services, dropped 60 per cent between March and April, from €368 million in the first week of March to €147 million by April 16th.

Withdrawals have since partially recovered to €301 million by December 14th. However, numbers remain lower than the first week in March, with a fall of 18.2 per cent in the amount of cash withdrawn.

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