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6 in 10 Irish consumers have no extra money left at the end of the month

Written by Robert McHugh, on 9th Jan 2023. Posted in Financial

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Six in 10 Irish consumers have no spare money at the end of the month and 55% of consumers feel that their financial situation has worsened in the past year. This is according to the latest Deloitte November Global State of the Consumer Tracker which illuminates the sentiment and beliefs driving consumer behaviours in Ireland and 24 other markets throughout the world.
 
Of 24 countries surveyed, Irish consumers are the second most concerned about inflation (78%), just behind the UK at 79%. The least concerned countries were China (37%) and Saudi Arabia (49%). Although Irish consumers are increasingly concerned about the economic future, concerns around the price of gas and fuel have decreased by 8% to 77% which shows some signs of prices stabilising.
 
Furthermore, the survey shows that 21% of Irish consumers are concerned about making upcoming payments and 19% are concerned about their credit card debt. Fifty four percent of Irish consumers intend to delay large purchases and only 36% said they can now afford to spend on things that bring them joy.
 
Commenting on the survey, Partner and Head of Consumer at Deloitte Ireland, Daniel Murray said, "Inflation concerns have been widespread among Irish consumers for well over a year and with the prolonged situation taking its toll on spending decisions, many are adopting more recessionary behaviours. This is a pattern in the majority of the 24 countries in which Deloitte spoke to consumers but particularly the case with Irish consumers."

He added, "For consumer companies, paying attention to inflation perceptions might be just as important as inflation rates. Consumers' perception of price increases doesn't always match reality, particularly at the category level. And these perceptions have become a critical driver of spending confidence. Irish consumers most concerned about inflation are signalling weaker spending intentions across several key categories—particularly more discretionary ones. It is for this reason that a lot of advertising focuses on value and multi-buy deals."

Source: www.businessworld.ie

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