Spending by over 65s up as vaccinated give the economy a shot in the arm

SPENDING by the over 65s was up strongly last month as good weather and the vaccine effect caused people to flash the cash.

Overall spending was up 14pc in March, with online expenditure up 9pc, according to the AIB Spend Trend report.

Spending among over 65s was up 20pc.

Off-licences, pubs, garden centres and hardware stores were the beneficiaries of more money being paid over in March as consumers enjoyed the good weather.

Waterford consumers accounted for the biggest increase in spending in March, up 17pc on the previous month.

After the over 65s, the next highest increase in expenditure was for those between the ages of 45 and 54, and 55 and 64, both up 16pc.

The data was compiled from AIB debit and credit card data from over one million transactions between the March 1 and 31.

Overall, card spending was up 14pc during the month with online spending up 9pc, and in-store expenditure up 20pc.

Waterford consumers pushed the boat out, followed by those from Kildare, Wicklow and Laois.

The smallest increase in spending was from those in Leitrim, where there was a 12pc increase on the previous month.

Spending in off-licences and pubs was up 30pc in the month compared with the previous month as more businesses reopened for takeaway service.

There was also a strong rise in the volume of purchasing from hardware stores and garden centres as people took advantage of the good weather.

In March, donations to charity also saw double-digit increases in almost every county.

However, spending overall in these sectors is still down when compared to pre-pandemic levels.

Head of SME banking at AIB Rachel Naughton said: “It’s encouraging to see spend in some of the key consumer sectors up in March, following good weather, St Patrick’s Day and the rollout of the vaccine.

“Spend in hardware stores and garden centres saw the biggest increase in March, up 38pc, helped by the good weather which encouraged more people to spend time outside.”

She said that over the coming months, as the vaccine rollout continues and we start to get more information on the easing of restrictions, the bank expects consumers to start spending more of the money some have been saving during lockdown.

Ms Naughton said it is also important that as restrictions are lifted the sectors most impacted by this pandemic are supported in every way possible to ensure they can trade after this challenging period.

Online Editors