Overview of the latest update on consumer spend

An Overview Of The Latest Update on Consumer Spend

Revolut’s recent data on the economy shows an interesting trend in consumer spend on direct services.

Re-opening of the economy

Ireland is on Phase 3 in terms of re-opening the economy. As it allowed more businesses to resume operations, the demand for direct services went up. As a result, owners of personal grooming shops and dental care experienced positive sales post COVID-19 lockdown.

An increase in consumer spend

During the pandemic restrictions, consumer spend was low. But, with the restart of the economy, it increased by 52% in all business categories. This represents the average spend before COVID-19, again showing an improvement in retail sales on 1 July.

Business sectors performing well

It’s interesting to note that as the Irish government tightened restrictions, personal grooming services also experienced low demand. However, hairdressers and barbers realized a 72% jump in sales as they resumed their services during the easing of lockdown regulations. Not to be outdone, health and beauty shops such as spas also served a considerable number of clients during the same period.

On the other hand, the hospitality sector didn’t perform well compared to personal grooming retailers. Though it also served quite a number of customers, sales are still as down as the pre-pandemic levels. Overall, it’s still lagging behind in terms of sales performance.

Additionally, consumer spend on the taxi industry was much lower than it was before the government-imposed restrictions. 

As the Irish economy opened its doors to the public, consumer expenditure on hairdressers, barbers, dental care, and spas increased significantly. But, the hospitality sector has, unfortunately, lagged behind in terms of sales. Read here for the latest trend on consumer spend.