The ongoing pandemic around the world has continued to adjust consumer spending, and the festive season is no exception, which has forced consumers to open their wallets wider this year not only because of the traditional gift-buying fever but also because of the general increase in prices, Bankera customer spending analysis shows, according to the press release.
While the second half of December has traditionally been the busiest travel month, the constraints of the pandemic have changed this tradition. Holiday spending statistics show that Europeans were not in a hurry to travel at the end of last year: compared to the autumn months of last year, the number of payments made to airlines in December dropped by more than a third – 37%. Most payments were made to airlines operating within the EU, indicating that travellers were not too far from home. Of course, this is likely due to the difficult global epidemiological situation and restrictions on those wishing to travel outside the EU. The fact that Europeans travelled less in December is also reflected in the fact that the number of payments made to hotels was almost halved. Meanwhile, Bankera customers spent significantly more on fuel during the festive month, undoubtedly due to the ever-rising fuel prices, averaging around €33 in December.
It seems that Europeans started preparing for the holidays and looking for presents as early as November. This month, the increase in the number of payments made in the major supermarkets compared to the previous autumn months is not as large (16%) as the average amount spent, which almost tripled. In September and October, the average shopping basket was around €30, while in November this figure rose to €90. With the festive season upon us, this figure rose even further to €110.
The frequency of restaurant visits remained almost the same as before the major holidays. The amount spent is also similar: an average of €20 per visit. On the other hand, Europeans ate at home a little more in December. The number of grocery shop purchases increased by almost 10% and the price of an average basket rose from €22 to €28. Of course, this may have been influenced by the recent rise in food prices across Europe.
“The pandemic has made many food products and other goods and services more expensive due to broken logistics chains, while energy prices have also risen noticeably. Covid-19 has changed and seems to be continuing to change our lives with no end in sight. This tells us that the average European’s spending will not decrease in the near future due to the continued price increases,” comments Dr Darius Kulikauskas, Partner at Bankera and Director of e-money institution Pervesk.
All calculations are based on Bankera’s customer spending statistics. The Visa debit card at Bankera is available to all residents of European Economic Area (EEA) countries.