Ireland’s Revolut customers are driving less in order to cope with the soaring cost of living, new data from the payment app suggests. 

Despite rising fuel prices, spending on petroleum and petroleum products at gas stations fell by 4% in the month of June, while the amount spent on parking dropped by 5%. 

Conversely, spending on public transport grew; overall, the amount spent on commuter transport jumped by 12% and the amount spent on buses surged by 17%. 

A driver wearing a face mask in a Expressway coach leaving Busáras in Dublin. Photo: Sam Boal / RollingNews.ie

Unsurprisingly, given the international energy crisis, spending on utilities grew by 34% but spending on numerous leisure activities increased as well; museum spending went up 19%, video game arcades shot up by 17%, pool clubs increased by 8%, and cinemas by 40% month on month. 

“Many consumers are looking for ways to cut back in the face of rising energy costs,” Sebastian Hamilton, European Head of Public Affairs for Revolut, said. 

“In particular, they appear to be reducing their car use in favour of public transport as a response to rising fuel prices. 

“However our data also shows that despite these prudent measures, consumers are still enjoying takeaway deliveries, restaurants and bars.

“After a challenging couple of years, consumers are looking for a summer to truly remember. The surge in expenditure on car and boat rentals suggests that many want to make sure they still get out and about to explore after two successive summers dominated by pandemic restrictions. 

“We can also see that consumers want to direct their spending towards more experiential pursuits such as travel, camping, cinemas, museums, and even bands and orchestras.”

Delta, American and United planes on stand at Dublin Airport. Image: Stephen Barnes/Travel / Alamy Stock Photo

Government action?

The high cost of running a car has been a recurrent topic of conversation among politicians and earlier this month Fianna Fáil’s Cathal Crowe said he wanted this year’s budget to make things cheaper for motorists: 

“Perhaps the whole realm of car taxation, NCT test fees, maybe they could be looked at,” he mused. 

“But a particular thing I wish to hone in on would be the cost incurred by a lot of our health personnel. 

“Every day of the week there are district health nurses crisscrossing this country, occupational therapists, home help; they’re doing so on mileage and subsistence rates that haven’t been updated in years. 

“I think that’s something immediately I would like to see Government address.”

Main image: A man filling his car up with fuel at a petrol station in February 2022. Picture by: Graham Hunt / Alamy Stock Photo