Card spending, including ATM withdrawals, rose 36% or €1.8bn in January compared to the same time last year when public health restrictions limited in-person expenditure, according to the latest credit and debit card statistics from the Central Bank.

Total card spending was €7bn, down 18% or €1.5bn from December, in line with seasonal trends, with spending in all sectors, bar transport and education, declining month-on-month.

Retail spending was down 29% compared to the Christmas shopping period but up 23% or €513m from last January. Clothing and hardware stores had the strongest increases in retail, rising 52% and 37%, respectively.

In store spending totalled €3bn in January, an increase of €1.1bn or 60% from January 2021 and a decline from a record high of €4.2bn in December, while total online expenditure was unchanged month-on-month and up 21% year-on-year at €3bn

Point of sale spending rose 38% to €6bn, split 50:50 between in store and online, while ATM withdrawals rose 24% to €940m, although the value of withdrawals remains nearly a third (31%) below pre-pandemic levels.

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All sectors, with the exception of electrical goods, contributed to the annual increase in spending, with transport (+321%) and accommodation (+494%) recording the largest year-on-year increases.

Spending on services rose 76% or €625m year-on-year, with all services recording annual increases, and social spending fell 20% or €157m from December but doubled (+100%) from a year ago to €309m.

This was driven by an increase in restaurants spending, which rose by 162% or €223m while spending on entertainment increased by 57% or €83m. 

Total card expenditure outside Ireland declined 11% or €31m from December but more than doubled year-on-year, increasing 112% or €125m.

The latest high-frequency daily data shows that the pick-up in spending has continued in recent weeks, with spending up 28% or €1.1bn year-on-year in February to date, the Central Bank said.

(Pic: Getty Images)