Consumer Mindset Report - April 2023
This report is informed by the Credit Union Consumer Sentiment Index,
in partnership with Core Research.
A Rollercoaster of Events influencing Public Mood.
Despite a break for many people during Easter, the weeks of late March and April have been extremely busy in terms of news influencing the public mood. On the 18th March, the Irish rugby team won the Six Nations Grand Slam (60% of adults were delighted). On the 1st April, the Government ended the eviction ban (54% of adults disagreed) and on the 4th April, US President Biden began his four-day tour of Ireland (55% of adults had no interest).
Amongst all of this, people spent time with family and friends over Easter weekend, the cost-of-living continued to rise (inflation at 7.7%) and the state announced there would be a €10 billion budget surplus this year, as tax take continues to soar.
The Credit Union Consumer Sentiment Index, in partnership with Core Research, rose again to 59.2 from 53.9. While there is a cautious recovery of confidence, this month’s results hint at a two-track consumer economy, with notable increases both in consumers who are comfortable and consumers who are just clinging on.
Biden not a distraction from Eviction Ban
Before the fanfare of President Biden’s visit, which most people had no interest in, the Government were under pressure following their decision to lift the eviction ban. While 33% of people agreed with the decision, 54% of adults disagreed. One in five people said they were angry about the lifting of the eviction ban.
Support with Cost-of-Living
While consumer confidence is slowly growing, the public do not believe many business, societal or political leaders are providing much support in response to rising inflation. There is a belief that most people are managing their finances as best they can, with no great support from elsewhere.
Following cost-of-living measures introduced in Budget 23 last October, the Government's approval rating increased slightly, but has declined again for the fourth month in a row. General cost-of-living and housing are key drivers in people not having great confidence in the Government’s response.
In this month’s report, there is also an analysis as to whether people believe companies are doing their best to keep their prices affordable for people or if they are using inflation as an excuse to drive profits.
There are five business categories where most people believe companies are simply profiteering in their pricing strategies, while there is a public perception within five other categories that companies are trying to support customers or are only increasing prices because of increased costs.
Who will replace Ryan Tubridy?
Away from finances and economics, this report provide some answers as to who people would like to see sit into the Late Late Show seat. Safe to say, there’s not one for everyone in the audience.
