Consumers Spending 15% More With Revolut This Year Than Last

Revolut, the European-licensed bank with more than 45 million customers worldwide and over 2.8 million in Ireland, has crunched the numbers on Irish consumer spending over the last month, with the app’s own data revealing that two bumper weekends, a rise in tourism, and the start of the school holidays all saw spending rise.

Revolut’s consumer spending analysis tracked 55.6 million card payments in June, indicating several real-world spending trends by Ireland’s Revolut account holders. The total amount spent with Revolut has grown by over 15% (YoY increase) when comparing June 2024 with June 2023, which also accounts for the 16.5% rise in Revolut customers in Ireland in that time.

As part of its 2023 Annual Report, Revolut highlighted how its customer balances had grown across the board in Ireland by more than 50% (2022 vs 2023) and over 26% (2023 vs 2024 YTD, i.e. June). A growing number of consumers across the country are choosing from Revolut’s broad array of products, which are offered at competitive rates and provide a top-quality customer journey.

With spending on taxis, buses, and general commuter transport rising by more than 12%,  12.5%, and 4.25% respectively (MoM increases), it was clear that the June Bank Holiday, along with the final weekend of the month (which saw the Taylor Swift concerts, GAA quarter-finals, and Dublin Pride) drove a spending hike. Customers in Ireland headed for bars, cafes, restaurants, and nightclubs more often, with spending collectively rising by more than 10% (MoM increase).

Domestic and international tourism was also a factor in Ireland’s increased Revolut spending, with June being a popular time to visit the country. There was an 11% jump (MoM increase) in hotel spending, up more than 13% compared to last June. Meanwhile, spending in souvenir shops (16% MoM increase) and tourist attractions (17% MoM increase) shot up. Car rentals also skyrocketed 35% (YoY increase), as excited holidaymakers made their way around Ireland.

With some schools signing off for summer in early June, spending on children’s activities rose. The mid-month release of Disney’s ‘Inside Out 2’ can be attributed to the over 34% rise (MoM increase) in spending in cinemas. Amusement parks (26% MoM increase) and aquariums (19% MoM increase) also proved popular in June for those with kids.

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “The 15% rise in the amount of money customers are spending with us each month is notable. While we have continued to innovate at pace for the benefit of the Irish market, we’re also doing more to become people’s primary bank. Our customers are encouraged by what they see, and we will continue to encourage more to see Revolut as the bank they go to first time, every time. Overall, the bumper month of June provided a visible uplift to a variety of economic sectors.”

Revolut, a European-licensed bank, was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, while the company ranked 9th as part of the Ireland RepTrak 2024 study earlier this year.

For more information, visit: www.revolut.com/en-IE.