Revolut now producing useful information on the Irish economy

[Brendan Burgess]

Mark Paul has an interesting article in the Irish Times

Revolut consumer spending data for August suggests green shoots

Digital payments platform shows first year-on-year growth in purchasing by its 1 million Irish users

www.irishtimes.com

A tentative revival in virus-hit consumer spending may be under way after data from Revolut, a fintech payments platform with more than one million Irish users, showed spending in August was up 4 per cent on the same month last year, the first year-on-year monthly increase since the pandemic began.

The figures from Revolut, which can track consumer spending on its platform to specific sectors, show green shoots appeared in August in select parts of the retail economy – such as household goods and garden centres.

 

[Peanuts20]

No indication from revolut as to how many of their users are active, I would have thought quite a number are dormant. Secondly whilst any upturn is good, it's from a young digitally proficient cohort (as its stats on movies and game spend suggest) and is not representative of the nation as a whole. Also likely to be more urban based, not everyone in the country can get Netflix

 

[Zebedee]

Completely agree. While I’m not young (or digitally proficient) I’ve been using my rev card for transactions where I would’ve used cash before (up to €50/€75). This would distort any comparisons.