4 in 10 people already struggling with soaring energy prices

Over 4 in 10 households are struggling to afford their everyday home energy needs, while another 2 in 10 could not withstand further price increases, however small. And as overall inflation reaches a 21-year peak of 6.7%, a survey from Taxback.com has revealed 80% of the Irish public plan to make changes to their buying behaviour around household expenses such as the cost of housing, transport, and insurance as well as everyday costs such as shopping and food consumption.

The company’s latest Consumer Sentiment Survey, reports that thousands of Irish households are besieged by the impact of inflation on day to day living costs. The survey looked at the extent to which households are impacted by the hikes to date, and also at consumer behaviour around spending and what changes, if any, people anticipate making in their essential spending in the coming year.

Only 7% of respondents thought they wouldn’t struggle with any hikes.

CHANGING BEHAVIOURS

The survey also asked whether respondents have considered changes to their buying behaviour this year as a result of increases in the cost of goods and services; ranking the areas of spending where consumers expect to hunt for better value, and where they intend to spend less.

Respondents ranking of costs they will look for better value on, include, 1: Energy costs, 2: Motor insurance, 3: Food costs, 4: Transport costs, 5: Health insurance, 6: Housing and 7: Alcohol & tobacco.