Consumers in Ireland get a head start on ‘new year, new you’ as spending in December on fitness, clothing, beauty, home improvement and dating apps rocket up, new card spend data from Revolut says
Corporate · January 9, 2023
- New look: Barbers, hairdressers and beauticians saw around a 16% year on year increase in consumer spending, and a 14% increase in customers. Gyms saw a 29.5% year on year increase in consumer spending, and a 32% increase in customers
- New home: Furniture stores saw a 12% year on year increase in consumer spending and home furnishings stores saw a 5.2% increase
- New life: There was a 9.7% year on year increase in spending on dating apps. Restaurants (16.2%), cinemas (13.5%), theatres (41.1%) and museums (23%) all saw increases in consumer spending too
The latest monthly consumer spending report by Revolut, the global financial super-app with more than 2 million customers in Ireland, shows that consumers in Ireland are starting the new year as they mean to go on. People in Ireland got a head start on ‘new year, new you’, as December data from Revolut shows an increase in consumer spending on clothing, cosmetics, exercise and home improvement.
Year on year data shows there was a 5.4% increase in consumer spending at clothing stores, and a 6.8% increase at department stores. Similarly cosmetics shops (5.2%), eyeglasses shops (9.4%) and jewellery shops (8.5%) all saw an increase in consumer spending. The more eco conscious consumers also joined in, with consumer spending on clothing rental services up 12.2% and tailors up 44.5% year on year.
Barbers, hairdressers and beauticians saw around a 16% year on year increase in consumer spending, and a 14% increase in customers.
Consumers in Ireland also prioritised exercise. Gyms saw a 29.5% year on year increase in consumer spending, and a 32% increase in customers. With spending at sports goods stores up by 8.5%, people are diversifying their fitness routines as spending on golf went up 32% and spending on dance classes increased by 16.5%.
Despite spending at garden centres decreasing by 5.4% year on year, many consumers in Ireland spent December investing in their homes. Furniture stores saw a 12% increase in consumer spending and home furnishings stores saw a 5.2% increase. However, people went further than new curtains and cushions. Spending at flooring stores (40.2%), wallpaper and paint shops (22.4%), and hardware stores (7.6%) all increased. Additionally, spending on general contractors was up 18.7% and construction materials up by 15.3%.
2023 could be the year of dating. Revolut data shows a 19.7% year on year increase in spending on dating apps. Consumers in Ireland aren’t short of ideas for dates either, restaurants (16.2%), cinemas (13.5%), theatres (41.1%), billiards and pool clubs (37%), bowling alleys (9.4%) and museums (23%) all saw increases in consumer spending.
The new Revolut data shows the continued rise in cost of living. The average Revolut user in Ireland spent 6.8% more on groceries year on year, and 20.5% more on utility bills. Regarding transport, petrol stations (39%), passenger railways (8%), bus lines (8.2%) and taxis (7.5%) all saw increases in consumer spending.
A Revolut spokesperson said: “With many in lockdown over the past couple of years, welcoming the new year provides a fresh start. Our data suggests that people in Ireland got a head start by giving themselves a makeover in December, as many new customers joined gyms, and coiffed their way into 2023.
“Over the past six weeks we’ve noticed that 18% of Revolut Loan applications were for home improvements. Therefore, it’s no surprise to see that spending on construction work and new home furnishings increased as we look to welcome more family and friends into our homes this year.”
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