Sep 18, 2023

Revolut has two million Irish customers. John Mulligan Today at 03:30 Consumers are spending more but being cautious how and where they splash their cash, according to a new report from online bank Revolut. With travel, the report shows that while the average customer is spending 19pc more on cruise holidays compared to last year, the number of people booking cruises has risen just 2.2pc, for instance. And while the number of consumers splurging on air travel has jumped 23pc compared to this time last year, the amount they’re spending has climbed just 3pc. That’s despite average air fares having rise substantially over the past year, suggesting that consumers may be hunting for bargains before they fly. Overall, consumers are spending 13.1pc more now than a year ago. But with the rate of inflation still high, it’s likely that this is impacting the figure. Revolut said that since the end of the lockdown, its data has consistently show a trend of consumers prioritising their spending on activities and experiences. But it suggests that people are now “more savvy” in how they do this. Read more The average consumer is spending 12pc more on golf courses, for instance, suggesting that prices have increased, but the number of customers has fallen by 7.4pc compared to a year ago. In shopping, the number of customers at sporting goods stores decreased fell 12pc as the average customer is spending 13pc more, suggesting that prices have increased significantly, noted Revolut. And in Revolut acknowledged is a “clear outlier” in its data, it said department stores could be experiencing a revival. “These stores often aim to make shopping more experiential, which, for the post-lockdown consumer, could explain why the number of customers has increased by 23.3pc, year on year, even though the average customer is spending 10.2pc more,” it noted. The online bank – which has more than two million customers in Ireland - said that compared to last year, the average consumer is spending about the same amount at amusement parks, cinemas, spas, and gyms. “However, these destinations have seen a large increase in customer numbers, and stable prices could be part of the reason for this,” it pointed out. Revolut said the average customer spend on bus travel has stayed the same compared to a year ago, but the number of customers increased by 6.3pc. The average customer spend on car rental dipped by 18.7pc, but saw the number of customers increase by 65.4pc.