Consumer Mindset - June 2023
This report is informed by the Credit Union Consumer Sentiment Index,
in partnership with Core Research.
Sunny Weather Brings Us Joy
With the Leaving Certificate weather returning after the June Bank Holiday weekend, the percentage of people experiencing joy on a daily basis rose from 26% in May to 33% in June. Along with the great weather there has also been many outdoor events being held in various locations, all adding to a lighter, more carefree feeling that we have all been experiencing.
With the start of the summer, people are finding happiness in spending time with their friends and family along with spending time out in nature and enjoying the weather.
However even with the rise in enjoyment, people continue to experience more anxiety and stress than previous summers. In June 2023, 38% of people state they feel stressed compared to 32% in June 2022. Concern about inflation and the cost of living remains high, and people state finance issues and personal challenges are their main cause of stress and anxiety.
Switching off for the Summer?
Our May Cultural Index results suggest that many adults are switching off the news and taking a break from looking at headlines. The WHO announcing that COVID-19 is no longer a global emergency is the only international story that reached over majority awareness at 72%. Overall awareness of news stories has decreased from previous years, with total awareness now at 58%.
Over-Indulgence is Not Popular
With 40% of adults saying they are currently cutting back on all spending and 28% of the population stating they are cutting spending to balance their budget, this summer is not looking like one for overindulging.
Citizens continue to be the group most admired for their response to the cost-of-living crisis by the general public. 56% of people have reported that they believe people are refraining from overindulging and are managing their spending. A notable finding in this month’s research is that 31% of us feel that people are choosing to spend more time rather than money on the things that they value.
Different Generations, Different Priorties
When different generations were asked in our Mindset Report what scenarios would boost their mood in the next few months, there are not many differences. However, two scenarios stood out clearly to affect those 35 years and younger compared to older generations - housing and new life directions. Reduced rent prices and house prices falling would greatly improve the sentiment of 18–35 year olds, however this group are also not optimistic that it will happen.
MAKING MEMORIES WITH FAMILY AND FRIENDS ARE OUR KEY TO HAPPINESS
Over 80% of people have said that spending time with their friends and family this summer will boost their mood. 79% of people have said that a holiday abroad or enjoying the good weather will also boost their mood.
This all in all looks like, in the current climate, people continue to be resilient and remember what is important to them. We will see many people opting to spend quality time with family and friends rather than spending money on expensive outings and material items. Businesses providing affordable experiences that help to make memories will be very popular this summer.
