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Card spend declined by 3% in October

Total card spending, including ATM withdrawals, fell 3% (or €251 million) in October 2022 (€7.9 billion) compared with the previous month, according to Central Bank statistics.

However, when compared with October 2021, total card spending had increased by 9% or €660 million.

The decline in spending was driven by services, while retail expenditure increased over the month.

Total point-of-sale card expenditure decreased by 3% to €6.9 billion in October 2022 compared with September.

Seasonal decreases

Spending on education fell sharply in October, declining 56% month-on-month, reflective of seasonal decreases following the beginning of the academic year in September.

The volume of PoS card transactions was 1% or €1 million lower in October 2022 compared with the previous month.

The average value of transactions remained relatively unchanged at €44.45 per transaction in October 2022.