REVEALED: What Irish people have been spending their money on this year

As 2022 draws to a close, Revolut Ireland has packaged up its customers’ spending habits from 2022 into personalised characteristics as part of its annual RevReview. Whether you’re ‘The Alchemist’ (earned plenty of cashback) or ‘Night Owl’ (spent mostly at night), users can find their personalised stories, revealing their money traits, and are available to view in the Revolut app from today.

But how has Ireland as a whole fared over the past year? Revolut has dived deep into the spending habits of its Irish users, and has found that although inflation has had an effect on consumer spending, post-lockdown living has amplified the biggest changes.

After being in and out of lockdown, with many consumers spending more at supermarkets and less at restaurants, Revolut reports the average user spent 7% less on groceries in 2022 compared to 2021. However, 18-24 year olds spent 10.4% more, in contrast to those aged 65-74 who spent 15.1% less on groceries this year.

As indoor dining resumed after closures and restrictions, Revolut data shows that Irish consumers have supported the industry by flocking to restaurants in 2022. The average user spent 50% more at restaurants, year-on-year. The biggest increase was by 65-74 year olds, who spent 55.6% more. At the lowest end of the spectrum, those aged 35-44 still spent 39.3% more, year on year.

During lockdown and restrictions, many consumers took to meal delivery services to scratch the restaurant food itch many were feeling in 2021. However, Revolut reports the amount spent on meal delivery has declined this year, as the average user spent 5.7% less on meal delivery, year-on-year. The biggest decrease was those aged 75 and over, who spent 13.6% less. However, 18-24 year olds spent 0.5% more than the previous year.

As the rise in the cost of living affected many aspects of life this year, Irish consumers cut back where they could. The average user spent 1.6% less at clothing stores, year-on-year. Interestingly, those aged 18-24 spent 11.1% less, year-on-year. However, those aged 75 and over spent 7.8% more. This year also saw the launch of Revolut ‘Shops’ in Ireland, enabling users to earn 3% instant cashback rewards for every purchase from shopping thousands of brands and products from hundreds of retailers.

Despite the rise of inflation, the average user spent 1% less at pharmacies, year-on-year. The biggest decrease was amongst users aged 75 and over, who spent 7.9% less. Zoomers on the other hand increased their spending, 18-24 year olds spent 6.3% more at pharmacies, year on year.

Many are thankful to be able to get back to professional grooming, and Revolut reports the average user spent 17.7% more at barbers, hair salons, and beauticians, year on year. The biggest increase was by users aged 75 and over, who spent 27.8% more. At the lowest end, 35-44 year olds still spent 12.7% more than the previous year.

Culture & Entertainment

In entertainment, Irish consumers continued to stream and subscribe, post-lockdown. Revolut data shows a 4.3% increase in spending on digital goods including media, books, video, and music. The most popular video streaming services being (starting from most popular): Netflix, Prime Video, and Disney+. The most popular music streaming services being (starting from most popular): Spotify, Apple Music, and Amazon Music.

‘The Globetrotter’

After lockdown travel restrictions affected lots of holiday plans in the previous two years, 2022 saw the return of globetrotting for many. This year also saw the launch of Revolut Homes, a new holiday home rental feature with cashback, part of Revolut’s accommodation booking service, Revolut Stays. Irish holiday-makers spent money in an average of 3 (3.83) countries over the past year, a 23.4% increase, year on year. 

In the past year, the most popular countries for Irish consumers to spend money in, in order starting with the most popular, were the UK, the U.S., Spain, the Netherlands, Luxembourg, Malta, France, Lithuania, and Germany.

‘The White Knight’

2022 has been challenging for many, but Revolut data shows that the generosity of its customers has known no bounds this year. ‘Donations’ in the Revolut app allows charities to list themselves to receive donations from Revolut customers. The most popular charities donated to by customer in Ireland this year are:

• Irish Red Cross - €4.6 million has been donated in 2022 by Revolut customers in Ireland to the Irish Red Cross to help those impacted by Russia's invasion of Ukraine.
• Toy Show Appeal - This year, Revolut teamed up with RTÉ’s Late Late Toy Show Appeal for the second year to enable viewers to donate instantly from their Revolut app, topping €2.4 million for The Community Foundation for Ireland, helping children and family members across the island.
• Irish Cancer Society - Over €450,000 has been donated to the Irish Cancer Society to help transform the experiences and outcomes of people affected by cancer through our advocacy, support services and research.
• Pieta - Revolut customers in Ireland have donated over €150,000 to Pieta, a charity working to prevent suicide and self-harm.
• Focus Ireland - €135,000 has been donated to Focus Ireland, a non profit organisation that provides services for people who are homeless and people at risk of homelessness in Ireland.

Christopher Guttridge, General Manager of Lifestyle Products at Revolut, said: "Whatever your RevReview characteristics have been this year, whether you’re a ‘Globetrotter’ or ‘The White Knight’, 2023 offers a new start for all. As the global financial super app, our Budgeting and Analytics tools are available to our customers year-round, helping them to take control of their money."