Home improvements are driving a surge in consumer spending, new data from Revolut suggests. 

Among users of the global financial app in Ireland, the last quarter of 2024 has seen a 30% rise in payments to special trade contractors and a 22% increase in spending on architects and contractors. 

There was also a 33% surge in spending on carpentry contracts, as well as a 19% rise in plumbing and heating equipment. 

People also spent 22% more at household appliance stores and one-third, 33%, more on furnishings for their homes. 

A plumber repairing a sink. Picture by: Alamy.com

Property prices in Ireland have increased by a further 10% since 2023 and Revolut said rising house prices might mean their customers are choosing to renovate their homes instead of moving house. 

“These spending patterns suggest that a growing number of our customers in Ireland are putting their money towards decorating, renovating, or extending their homes,” Revolut Head of Lending Maurice Murphy said. 

Revolut has 45 million customers across the world - of whom 2.8 million live in Ireland. 

A survey of the banking app’s Irish users by market research company Dynat found that 18% thought renovating their home would be a good reason to take out a loan.

Main image: Two builders with kitchen units. Picture by: Alamy.com