The biggest demand of the day was for hairdressers and barbers, with more than a 70% increase in the amount of people getting their hair done.
We thought it would never come but Monday finally saw the beginning of phase three in Ireland which saw the likes of bars and restaurants, hairdressers and hotels open their doors to customers once again.
Despite the ongoing threat of coronavirus Irish consumers are doing their best to help the recovery of the Irish economy, while maintaining and adhering to social distancing and public health advice at the same time.
That's according to newly released data from fintech Revolut, which showed that consumers were more than happy to embrace the reopening of the economy.
Compared to the average daily spend during lockdown, overall spending on Monday was up by 53% from Revolut customers, with hairdressers and spas faring the best on opening day.
With the trends from the online bank suggesting that people are keen on helping to kickstart the economy we take a look at the data from opening day to see what consumers have been spending their money on and why.
Take a look at the highlights below.
An overall view of the data
Promisingly, the data released from Revolut showed that overall spending from consumers was up by 53% across the country compared to the average daily amount spent during the lockdown period.
In comparison to a run-of-the-mill Monday before the country went into lockdown spending in the economy was still up by a total of 23%, according to Revolut's records.
And while an economic shock is inevitable as a result of Covid, signs of a return to normal spending patterns has been indicated by the data, with overall spending from Monday just 6% less than the average daily spend by Irish Revolut customers in February.
A Spokesperson for Revolut said:
"Revolut's data shows that the economy is bouncing back, which is great news for Ireland. Revolut is pleased to be playing an important role in powering this economic recovery. Our free virtual cards as well as Apple and Google pay enable our customers to spend safely and securely, straight from their phones with no fees".
Here’s the breakdown of Monday’s consumer spending per category.
Hair and beauty
By far the biggest demand from Revolut users on Monday was for personal grooming purposes with hairdressers and barbers taking the lion’s share with spending soaring by more than 72% compared to the daily average spend on haircare pre-lockdown. The amount of people getting their hair cut was also 70% higher than on an average day before lockdown.
On Monday Revolut’s customers spent an average of €37.81 getting their hair cut or styled. This was compared to an average spend of €1.66 less, or €36.15 before the country went into lockdown in March.
Spas and wellness centres fared almost as well with spend up by almost 50% on the average before lockdown, while customers spent an average of €38.07, compared to €31.29 before.
Pubs and restaurants
The long-awaited return of Ireland’s pubs and restaurants wasn’t as celebrated by consumers on opening day as we might have thought, with Revolut’s figures revealing that spending in pubs was less than half of the daily average before lockdown.
Spending in restaurants was also subdued with spend accounting for only a third of what would have been spent on an average night before lockdown.
There were also less than half as many transactions overall as the lockdown average - meaning that far fewer people ventured out.
Despite the understandable trepidation from many to take a trip to their local bar and restaurant, spending from Monday was still higher than on an equivalent Monday before lockdown.
The average spend from Revolut customers in bars and restaurants was also higher, with an average spend on Monday of €27.64, compared to just €13.99 on an average night out before, or €12.47 on a similar Monday.
Dentists and Chiropractors
Last but not least, dentists and chiropractors also saw a lift in business upon their return on Monday, with many customers having been forced to forget about those aching pains until practices reopened.
Spending from Irish Revolut customers on chiropractors and at dental practices more than doubled in contrast to the pre-lockdown average.
Wealth of data
While Revolut is being used by many customers for their day-to-day banking needs, primarily because of the absence of any maintenance and transaction fees, it’s often forgotten that the company is first and foremost a fintech.
The online bank is prioritising providing new and improved ways of banking for customers, and, dare we say it, revolutionising how customers interact with their money.
Revolut also announced a further technological advancement and subsequent boon for Irish banking customers of late, having recently launched open banking for over 1million Irish customers.
And although these advancements are really useful and worthwhile for customers, they don’t come without a price, with Revolut having hiked its fees and charges of late, too.
Revout are not the only fintech currently fighting for market share in Ireland, with online banking competitor N26 also vying for business here in Ireland and having just launched a new business account in June.
You can compare both Revolut and N26 in our in-depth analysis right here.
Let us know your thoughts
What do you think of the latest consumer data from Revolut? Did you partake in the opening back up of the economy with your Revolut card? We’d love to hear form you in the comments below.
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