Cashing out … Kilkenny consumers spending 20% less than normal – report

Kilkenny consumers are spending 20% less than normal since the Covid-19 pandemic swept into the country, new figures from AIB show.

However, we are spending 28% more on groceries, with those between the age of 55 and 64 recording the biggest increase at 33%.

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.

Kilkenny consumers spent an average of €63 per grocery transaction on this day, compared with an average of only €42 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.”