Consumer Mindset - May 2023
This report is informed by the Credit Union Consumer Sentiment Index,
in partnership with Core Research.
Are things going to change?
The first five months of the year have seen so many ups and downs, with many hoping that things will change, currently the only thing that seems to have changed is the weather and the longer days!
The cost of food and the homelessness situation in Ireland still dominate the news headlines, no doubt resulting in the increased stress levels being experienced by the Irish population. The levels of stress are at its highest levels in quite some time while all the positive emotions are falling back.
Increased cost of living still dominates the Irish adult psyche with more than one in two concerned about the cost of living, albeit, a slight fall in the percentage of adults cutting back on all spending.
Those under 40 are more likely to want to prioritise eating out and entertainment while those over 40 want to ensure they prioritise their health and holidays abroad.
The environment, a hot topic at the moment and for one in three concerned they report that cost of living has an impact on their spending on renewable energy solutions, something that needs to be recognised and acted upon if targets are to be met.
The Boss providing some hope?
Come on up for the rising
Come on up for the rising tonight
Regardless of the mood of the nation, excitement reached fever pitch with over 50,000 fans flocking to Dublin for the longest single city string of Bruce Springsteen’s European tour. Providing moments of escapism and hope to the crowd, Bruce was the talk of the town. Thousands travelled to Dublin from all over the country and world, many without tickets and hoping to secure a pass to the most eagerly awaited gigs in Ireland this year. The capital is savouring a €20m plus tourism boost, with hotels across Dublin booked out and tables at the top restaurants at a premium.
Where is the help coming from?
What a difference a year makes, previously supermarkets and the Government were seen as our saviours helping with easing the burdens during the pandemic, today the supermarkets are seen as not helping with the continued pressures the Irish public are facing.
The perception of Government is not much different with many expecting that they should be doing much more. While fuel prices have decreased, over the last few days, there has been a lot of discontent with reports that the Government will increase levies on fuel in June and September no doubt increasing pressure on citizens. As we enter a cycle of electioneering, the Government is starting from a low approval rating.
