Public mood not rising with upturn in economy
Tough calls for limited spends
THE cost of living crunch is still impacting consumers with nearly 40% feeling their financial situation has gotten worse.
This is despite relative improvements in the economy.
The latest Pulse of the Nation Index, published by Penneys along with Amarach Research, also shows 61% of parents admit their wages just about cover their monthly expenses and crippling childcare costs.
Despite a stronger economic forecast and slowing inflation, the cost of living crisis continues to weigh heavily on the mood of the Irish public.
It has led to Ireland’s “vibecession” – meaning that while there’s an improved economic outlook, the mood doesn’t match up.
Consumers remain cautious with their money with 84% of adults stating they are still actively shopping around to find the best value.
The report found 86% took steps to manage their energy bills last winter while 71% of adults are eating out less or getting fewer takeaways.
The report also shows 47% of households have cancelled an entertainment subscription and almost 62% of shoppers have switched to a more affordable grocery retailer.
Head of Penneys Ireland and Northern Ireland Fintan Costello said: “Since the cost of living crisis emerged almost two years ago, the appeal of Penneys’ everyday affordability has brought a broader range of customers into our stores than ever before, as value has played on everyone’s minds.
“This value mindset can be clearly seen in this latest Pulse of the Nation Index, which highlights how shopping around for value is still now firmly embedded in Irish consumer behaviour.
“We see this in our own stores and consumers’ buying behaviours – specifically parents and women – who are making tough choices and are snapping up value products that either help them manage household costs like heating bills or allow them to treat themselves or loved ones on a budget.”