New figures reveal an 18% increase in consumer spending in December, with significant spikes in spending on clothes, cards and sporting goods when compared to the same month in 2019.
Bank of Ireland's debit card spending analysis also shows soaring online charitable donations, which jumped by 84% in the final month of the year when compared to December 2019.
The analysis shows that spending on dining and in restaurants was down by 12% in the full month when compared with the previous year's figures.
Bank of Ireland said that spending in dining out had been trending ahead of December 2019 but fell sharply once Covid-19 lockdown restrictions were re-imposed on Christmas Eve.
Today's figures show that clothes spending climbed by 22% in December as restrictions on social activity were eased, while spending on sporting goods increasing by 36%.
They also reveal that online spending fell in December to 42% of total spend from 55% in November as people availed of the opportunity to shop more in stores once they reopened at the start of December.
Ger Thompson, Head of Current Account Banking at Bank of Ireland, said that the 18% overall rise in consumer spending in December when compared to the same month in 2019 does not come as a major surprise, given that many people have had their spending opportunities limited throughout the year.
"As the country moved in and out of lockdown during 2020 many consumers clearly decided to wait until December to make a large purchase, or treat themselves to an item they had been saving up for," Ger Thompson said.
Bank of Ireland said that as the country re-opened at the beginning of December a lot of pent up consumer demand was unleashed, with the data showing that more consumers went back to the shops once their doors opened.
"Whilst our analysis reveals that overall restaurant spending fell by 12% year on year, the sector was actually on track to have a better month than in 2019 had it remained open for the entire month. Nonetheless, that sector has had an extremely challenging 2020 and 2021 - so far - looks set to continue in that vein," Ger Thompson added.
