Revolut, the global financial app with more than 40 million customers worldwide, and now over 2.8 million in Ireland, has crunched the numbers on Irish consumer spending over the last month, with the app's own data revealing that fair weather and an upcoming summer of sport saw a spike in consumer spending across the country.
With the GAA All-Ireland Championship, Irish Rugby's tour of South Africa, The Open Golf Championship, and the Paris 2024 Olympics all now coming into view, Revolut's consumer spending analysis tracked nearly 55m card payments in May, indicating real-world spending trends by Ireland's Revolut account holders, who made close to €1.25bn in card payments across the month — a rise of 7.95% (MoM increase) with figures adjusted for user growth.
The May sunshine sparked a significant increase in consumer spending on sports clubs, which jumped by close to 22% (MoM increase), a rise of more than 70% (YoY increase) when compared with the same period last year. Similarly, parents are paying out more this year for sports and recreation camps for their children compared to last, rising by 7.5% (YoY increase).
Sports apparel and sporting goods stores were the beneficiaries, with spending up more than 13% and 12% respectively (MoM increases). Meanwhile, consumers in Ireland were hitting the gym more often in May, with outlays on health and gym memberships rising by close to 20% (MoM increase) and over 23% (YoY increase).
May's fair weather also saw Revolut customers flock back to the golf club, with expenditure on courses rising over 20% (MoM increase), likely inspired by The Masters in April and the upcoming Open Championship later this summer.
Maurice Murphy, General Manager at Revolut Bank UAB - Ireland Branch, said: "With now more than 2.8m customers across Ireland, we are able to draw genuine consumer spending insights from a data pool that represents over half the country. It's therefore great to see a noteworthy rise in both general and sports-related expenditure, with our customers clearly inspired by the summer that's ahead of us. Revolut supports customers with their health and fitness, with up to 20 credits for ClassPass and a digital personal trainer through Freeletics available via certain paid plans, providing greater access to gyms and fitness studios."
Revolut was recently recognised by financial comparison site Bonkers.ie as 'Ireland's Best Consumer Business' and 'provider of the Best Current Account', whilst it ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.
For more information, visit: www.revolut.com/en-IE
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