October 22, 2020
Business News

Cashing out … Waterford consumers spending 19% less than normal: report

Waterford consumers are spending 19% less than normal since the Covid-19 pandemic swept into the country, new figures from AIB show.

However, we are spending 34% more on groceries, with those between the age of 45 and 54 recording the biggest increase at 40%.

When the schools were closed and people were asked to work from home on March 12, grocery spend nationally was 60% higher compared with the previous Thursday as people rushed to buy necessities.

Waterford consumers spent an average of €75 per grocery transaction on this day, compared with an average of only €47 the previous Thursday.

The AIB data has been compiled from over one million transactions between March 8 and April 11.

Nationwide, Friday, March 13, saw consumers spending 4% more than normal as panic buying seemed to subside quickly and everyday since there has been a significant drop in spending, with St Patrick’s Day recording a 47% drop in average spending – the lowest of any day since the crisis started.

Over 65s have recorded the biggest drop in spending as they adhere to government advice, with spending down 27% among this age group.

Spending by those under 25 recorded a drop of 21%, while those between the ages of 35-44 recorded a drop of 13%, the smallest decline of any age group.

Dublin customers recorded the biggest drop in spending (21%), while the surrounding counties followed closely.

Meath and Kildare both experienced a drop of 19% with Wicklow falling 18% below the usual levels. Donegal recorded the lowest drop in spending at just 12%.

“The Covid-19 crisis has dramatically impacted the lives of Irish consumers and our data shows how consumers are responding to these changes in their spending habits,” Fergal Coburn, Chief Digital & Innovation Officer at AIB said.

“It also provides valuable insight for Irish businesses who are trying to adapt to this exceptionally challenging situation.”

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