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Irish consumers now sixth-most confident in Europe

Written by Robert McHugh, on 24th Jul 2020. Posted in Financial

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Deloitte has released it latest State of the Consumer Tracker which shows consumer confidence holding steady into July, with Ireland now in second place in Europe for consumer confidence in visiting stores in person.

This is the latest of the new bi-weekly survey, which tracks Irish consumers’ attitudes towards personal well-being, financial concerns, travel and hospitality, transport and retail. 

The results are based on a survey of 1,000 consumers across 18 countries respectively (1,000 Irish consumers). The most recent data was gathered between 7 and 11 July, one week following Ireland entering the third phase of the lifting of restrictions put in place in response to the COVID-19 pandemic.

The survey shows that 60% of Irish consumers now say that they want to make purchases in-store, up from 58% in the previous wave of research. Confidence in visiting physical stores is up a further 5%, with 61% of consumers now feeling safe to do so, putting Ireland second in Europe for this, just 1 point behind the Netherlands.

Currently, only 20% of Irish consumers are actively seeking travel deals, which is consistent with the previous Tracker. Deloitte say thst with Irish consumers’ intent to spend on travel having plateaued, the Stay and Spend incentive, combined with an increase in confidence in hotel accommodation (38% – up from 30% since the last index) may drive an increase in staycations in Ireland during the off season.

The survey shows notable rises in confidence in visiting restaurants – now at 38% – and in engaging in one-to-one services, with more than half of respondents now feeling safe to visit a hairdresser, barber or beautician.

Commenting on the survey, Partner and Head of Consumer at Deloitte Ireland, Daniel Murray said, "While consumer confidence remains consistent, so too do many of the concerns that the pandemic has inflicted upon us. The slight uptick in consumers’ concern for their physical wellbeing and that of their families, as well as persistent uncertainty about their personal finances and job security, serve as a reminder that the negative impacts of the pandemic are not yet behind us."

He added, "Business leaders must recognise this renewed consumer confidence in tandem with people’s continued concerns, and strike a delicate balance in attempting to rebuild what has been lost to the crisis, while also ensuring that consumers’ safety is never compromised upon."

Source: www.businessworld.ie

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