Spending surged over St Patrick's weekend, highlighted by toll road transactions more than doubling and spending in pubs rising 39% compared to the previous week, Bank of Ireland analysis shows.

The analysis found that transactions on Ireland's toll roads and bridges between 14-19 March rose 119% compared to the previous week while spending in restaurants (+14%) and fast food takeaway (+12%) also increased over the long St Patrick's Day weekend.

Jilly Clarkin, head of customer journeys & SME markets at Bank of Ireland, said: "The double bank holiday was always likely to spark an uptick in consumer activity. The spending data absolutely confirms this, with domestic travel rates rocketing along with a strong surge in socialising in pubs and restaurants.

Sports gambling also rose 56% as the bank holiday coincided with the tail-end of the Cheltenham Festival and the final weekend of the Six Nations, but Clarkin said consumers largely prioritised oft-delayed experiences over goods.

"Our spending analysis also indicated that for many consumers' experiences were more important than possessions last week," she said.

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"While we saw a clear travel and social spending surge, clothing spend actually fell by 4% in the same period with supermarket spending staying relatively flat week on week.

"This all points to the likely fact that having been denied personal interactions for so long due to the pandemic many people prioritised time with friends and family over the St Patrick’s Day break."

The release comes after KBC Bank Ireland forecast that inflation of 6% would cost the economy €4bn and the average household some €2,000 this year, and that consumer sentiment has faltered due to the rising cost of living and Russia's invasion of Ukraine.

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