Consumer spending propped up by concert and cinema tickets

James Cox

Taylor Swift and Coldplay were responsible for an 88 per cent increase in ticket spending last month, according to the July spending report from AIB.

The report also revealed that cinema ticket sales went up by 132 per cent compared to June, driven by two blockbuster films, Barbie and Oppenheimer.

Although spending overall decreased by 3 per cent, there was an increase in ordering takeaways and hotel stays.

Barbie has earned over €8.2 million at the Irish box office, while Oppenheimer has taken in €5.1 million.

The biggest decreases in July were clothing (down 10 per cent), homeware (down 8 per cent) and groceries (down 7 per cent).

AIB said the report is based on 70 million debit and credit card transactions in store and online during the month.

“The impact of the wettest July on record was felt across almost all sectors last month, some more positively than others,” John Brennan, head of SME banking at AIB, said. “Cinemas fared very well, with a huge increase in spending. The strong performance by the hotel sector despite the weather is positive, as the summer months are an important time for the industry.

“The impact of inflation can be seen through the year-on-year increase in fast-food restaurant spend versus spend in restaurants and hotels, while the significant increase in spending online in July 2023 compared to July 2022 is an important trend for businesses to be aware of and responsive to, as more and more customers choose to transact digitally.”