Consumer spending surged in April with people splashing out more on restaurants, retail and hotels, says Bank of Ireland
Spending was also up across a number of sectors including restaurants, groceries, entertainment and hotels.
The bank said that after a 'sluggish first quarter', card usage by its customers increased by 8.3pc, compared with 5.9pc in March. Social spending was up over 7pc year-on-year, with spending at restaurants up by 8.1pc.
Retail (5.4pc) and services (5.9pc) spending were also 'strong'. The bank noted that one of the key reasons behind the increase was that Easter fell entirely during the month of April this year.
BoI chief economist Conall Mac Coille, said despite the 'seasonal lift', growth was seen across a number of sectors.
'Irish consumers may have been nervous about US tariffs and a more uncertain economic outlook in April, but the hit to sentiment hasn't been sufficient to alter key spending decisions,' he said.
'The €3.7bn spent on Bank of Ireland credit and debit cards in April was an acceleration from March.
'True, the timing of Easter gave a seasonal lift, but there was broad-based growth across a range of sectors – from groceries and entertainment to hotels and hardware.
'Furthermore, spending growth is now well in excess of CPI inflation at 2.2pc, embodying substantial real gains in consumption.'
The bank also found that its debit and credit-card users spent €1.3bn on retail, €700m on services, €340m on social activities and withdrew about €500m from ATMs.
During this period, ATM withdrawals remained flat and were down by over 5pc in the first quarter of the year – indicating a continuing trend of consumers turning towards digital payments.
The bank's data also said there was a two-year low in spending amid a dip in consumer confidence.
However, people were still spending on 'big-ticket items' including electrical goods, which were up by 9.1pc; hardware (5.3pc); and hotels (10pc).
Grocery spending also climbed 7.3pc to €613m, while spending on accommodation reflected 'strong domestic and international tourism during Easter', increasing by 10.5pc.
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