Consumer spend hit by inflation

The average planned monthly spend among Irish consumers has decreased by ten per cent, according to Deloitte’s latest State of the Consumer Tracker.

The survey found that consumers in Ireland are ten per cent more concerned about inflation than the global average, with more than half (56 per cent) worried about their level of savings.

It also found that consumer confidence in engaging with businesses and services in person has increased over the last month; 80 per cent feel safe going to the store (up six per cent since the previous wave); 80 per cent feel safe engaging in one-to-one services such as hairdressing (up five per cent); 78 per cent feel safe going to a restaurant (up seven per cent); and 66 per cent feel safe attending in-person events (up ten per cent).

Despite this, financial concerns among consumers in Ireland have remained constant or lessened only slightly since the previous wave: 26 per cent are concerned about making upcoming payments (down two per cent); 52 per cent say they are delaying large purchases (no change); 44 per cent are optimistic that their personal financial situation will improve within the next three years (up one per cent); and 56 per cent are concerned about their level of savings (no change).

In fact, of the 23 countries surveyed, Ireland is the third-most-concerned about inflation, with 85 per cent of consumers in Ireland saying that they are concerned about inflation, compared to the global average of 75 per cent.

Consequently, the average planned monthly spend among consumers in Ireland has decreased by a significant ten per cent, from €2,654 in the previous wave to €2,396.

For more, read this week’s Connacht Tribune.

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