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Monthly spending down by 19% in September

Social spending dropped 14 pc across the country in September, according to the latest report from Bank of Ireland. Bank of Ireland debit and credit card spending declined by 8pc last month compared to August.

Despite the excitement around the Rugby World Cup, many opted to watch the matches from home or go to France where spending was up. While Ireland’s victory over South Africa drew the largest Irish TV audience of the year, spending in pubs plunged by 19pc in September.

Restaurant spending decreased by 17pc, while purchases in fast food outlets here dropped by 14pc. Overall, retail spending was down 7pc.

Consumers of all ages were making efforts to reduce spending following the summer, according to the report from Bank of Ireland. Teenagers cut spending by a fifth in September as they returned to school. Spending among the 18-25 year old cohort also dipped by 6pc following their return to full time study or training courses. Those aged 36 – 45 also reduced spending by 10pc. Car rental spend plunged by 30pc, while toll fees also declined by 6pc. Accommodation spending was down 21pc as people stayed closer to home. After a summer of movie blockbusters, cinema spending also fell by 54pc last month.

The full article first appeared on the Central Bank of Ireland website. Read the full piece here: