New research from AIB shows that over 65s have recorded the biggest drop in spending as they adhere to government advice to stay at home, with spending down 27% among this age group.
AIB has started to compile the spending habits of Irish consumers since Covid-19 started to impact the country at the beginning of March.
The data has been compiled from over one million transactions between March 8 and April 11 and has been anonymised and aggregated.
The research shows that spending by those under 25 recorded a drop of 21%, while those between the ages of 35-44 recorded a drop of 13%, the smallest decline of any age group.
Today's figures also show that consumers are on average now spending 30% more on groceries since Covid-19 started to impact Ireland.
In addition to being the busiest day for overall spending, March 12 was also the busiest day for grocery spend, with spend on this day alone 20% higher than the average spend during Christmas week 2019.
AIB said that consumers spent €76 on groceries on March 12, 60% higher than the previous week, when the average transaction average was €48.
It noted that consumers are now spending 30% more on groceries since Covid-19 started to impact Ireland, with grocery spend up evenly across all counties.
Since Covid-19 restrictions were put in place, AIB said that consumers here are also spending more online with clothing retailers performing strongly.
It noted that the biggest online spending increase on a single day was on Friday April 10 when consumers spent 107% more than normal on clothing.
The increase in clothing spend on this day was largely driven by under 25s as they spent 249% more than normal. Meanwhile, those over the age of 65 spent 37% more than usual buying clothes online on the same day.
Fergal Coburn, Chief Digital & Innovation Officer at AIB, said the Covid-19 crisis has dramatically impacted the lives of Irish consumers and the data shows how consumers are responding to these changes in their spending habits.
He also said it provides valuable insight for Irish businesses who are trying to adapt to this exceptionally challenging situation.
"The data also reflects the reality of the situation, with grocery stores being one of the remaining retail outlets open, seeing a 30% increase in the average transaction. It also reveals the biggest drop off in spending overall has been by those over 65 as they listen to the government's advice and stay indoors," he added.