Pub spending has fallen by 28%.

Following our first real summer out of the pandemic it’s no wonder people were seen to be cutting back on spending in September. However as the cost of living and energy crises spin out of control, studies show a huge spending decline in social settings. According to studies from Bank of Ireland:

“Social spending fell back quite significantly in September, with the data revealing an overall 16% monthly decline. Pub spending was down by 28%, outlay in restaurants dropped by 22%, and people ordered less from fast food outlets – which posted a spending decline of 18%. As children returned to school and their parents made their way back to the office, September spending on hotels and resorts declined by 26%.”

Despite their growing popularity in recent years, spending in bakeries saw a spending decline of 19% in September.

Holiday and travel spending also saw a decline, which isn’t hugely surprising given the time of year.

“Not surprisingly given the month that was in it spending in popular European destinations dropped, with outlay decreasing in Greece (-24%), Portugal (-22%), France (-19%) and Spain (-19%), while total airline spending fell by 8%.”

Retail sectors have also seen a drop in spending from consumers. Spending declines were seen in fashion retail, beauty treatments, and supermarkets.

This decline in spending can be seen across the board; according to Head of Customer Journeys & SME Markets at Bank of Ireland Jilly Clarkin,

“The belt tightening is evident across all sections of society, from teenagers (13 – 17) who posted a 23% spending drop, to young professionals in the 26 – 35 age bracket whose spending fell by 10% in September, all the way up to the over 65s whose outlay was 4% lower than in the previous month.“

It will be interesting to see how these spending trends and patterns continue into winter.

Header image via Shutterstock

READ ON: ‘Possible economic crash’ has led Wexford restaurant to close after 12 years