Consumer Mindset - July 2023
This report is informed by the Credit Union Consumer Sentiment Index,
in partnership with Core Research.
Optimism Carries On Climbing
The summer months are bringing warmer weather, longer days, and trips and holidays abroad for many people. This July is bringing on a wave of optimism, as people continue to report gradually reducing stress and anxiety levels.
In fact, only 34% of people said they experienced anxiety and 32% experienced stress this July, compared with 38% stress and 35% anxiety in June.
Spending Behaviours Continue To Develop
In the last four months, July has seen the highest rates of people cutting back on spending in order to balance their budgets. This number jumped from 28% in June to 33% this July. After cutting loose during the month previous, it looks like people are now slightly reigning in their spending.
It is no surprise then that the recent announcement of supermarket cuts have the highest levels of importance (88%) for people this month. This is also having a positive result overall on how people perceive supermarkets' efforts to combat the cost of living crisis, having experienced a 6% increase from the month previous. However, people are prioritising their spending differently, as those who emphasize value continue to grow as a cohort.
It’s A Long Hot Summer
In the last four weeks, the news story broke that June was the hottest on record, with record-breaking weather reports being ascertained over the last eight years.
While July has brought on its fair share of rainy days, this story has 75% awareness among people, making it one of the most significant stories of the month.
Your Health Is Your Wealth
There are three key areas that are top of mind for adults in Ireland this month. People are emphasizing the value of their personal health, as two thirds of people say this is the most important area of their lives. People’s’relationships are also of great importance, as more than one in two adults rank it as one of the most important areas in their lives. 53% of adults say that rising energy costs are also of personal importance to them. These three areas continue to come out as key aspects in the lives of Irish adults, as previous months also underline a trend in these areas.
