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.
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.