Revolut sees spending on airlines, duty free and restaurants soar with EU Covid digital certificate coming into effect
The amount of airline spending rose 50% in July compared to June, a new report from Revolut has revealed.
Following the introduction of the EU’s Covid digital passport last month, spending at airports increased 57% month-over-month, while at duty-free stores spending almost fell. doubled when they increased by 70%.
Revolut’s 1.5 million Irish customers spent 39% more abroad in July than in June.
Older age groups have led the surge in international spending, with 45-54 year olds increasing their spending abroad by 70 percent month over month.
The 35-44 age group has seen an increase of 55% compared to an increase of 33% among 18-24 year olds and 31% among 25-34 year olds.
INCREASE IN EXPENDITURE ABROAD
Sebastian Hamilton, Head of Public Affairs at Revolut Ireland, said: “Our latest figures show an increase in spending on flights and at airports in July, as well as a significant increase in spending by Revolut’s Irish customers abroad.
“The introduction of the Covid passport on July 19 appears to have been a major factor in the return of international travel, as shown by soaring spending by airlines, as well as in airport shops and duty-free.
“It is also noteworthy that the largest increases in overseas spending in July occurred in the 45-54 and 35-44 age groups.
“This may be a further indication of the impact of the Covid passport for age groups who are likely to have been fully vaccinated in time to travel abroad in July.”
RECOVERY IN HOSPITALITY
July also saw a continued recovery in the Irish hotel industry, with speculation suggesting this was helped by the July heat wave, which boosted outdoor drinking and drinking.
Money spent by Irish customers in restaurants was 15% higher in July than in June, this figure including the 5 days of July when indoor restaurants were reopened.
Spending at bars also saw a dramatic increase – up 24% in July from June.
Spending on tourist attractions and exhibitions climbed 45% during the month, while spending on taxis and commuter trains was also higher month over month.
In contrast, spending at hardware stores and nurseries appears to be returning to pre-Covid levels.
Hardware stores saw spending drop 10% from June, while consumers spent 26% less at garden centers.
Overall, consumer spending by Revolut’s Irish customers rose 8% in July compared to June, bodes well for the prospect of a gradual recovery in the economy.