Consumer Mindset - November 2024

This report is informed by the Credit Union Consumer Sentiment Index, in partnership with Core Research.

The mindset of November 2024 continues to reflect the interplay of global tensions, economic challenges, and the looming general election which may involve a change of power in Government or at the very least the increasing likelihood of new coalition partners.

MANY GLOBAL CONFLICTS

The ongoing conflict in Ukraine, tensions between the US and China and rising authoritarianism in various parts of the world raise concerns about global peace and security. Closer to home and a major election issue is climate change and environmental sustainability. The transition to a greener economy, along with global cooperation on climate change, remains a pressing issue, particularly as the recent events in Spain where floods killed over 200 people was the second most important story that captured the attention of the Irish public after the re-election of Trump.

These concerns reflect a broader sense of vulnerability in an increasingly interconnected world where global events can have far-reaching consequences on Irish society, politics and the economy.

ECONOMIC CHALLENGES

Some of the challenges canvassers face at the doors highlight no doubt many of the complexities facing the country as a new Government seeks to maintain Ireland's strong growth while addressing structural issues like the continued homelessness situation which could undermine our long-term stability.

According to the stories included this month, homelessness was the most important issue highlighting the challenge that lies ahead. This and other economic challenges in terms of labour market inequality, with certain sectors experiencing skill shortages, especially in areas like technology and healthcare, are fuelling the stress and anxiety that middle Ireland is feeling.

GENERAL ELECTION

This no doubt is one of the most important weeks in our history where the electorate has the opportunity to seek change; however, with 14 years of Fine Gael at the helm, is that likely to change?

Expectations in 2020 led many to believe a change was imminent but that too was short-lived with the emergence of Fine Gael, Fianna Fáil and the Greens as the Governing coalition. The challenges will revolve around addressing pressing domestic issues like housing, emigration, healthcare, and cost of living, while navigating broader issues like climate change, Brexit and the changing voter dynamics.

Polls suggest that the younger demographic are likely to come out in force this week and if they do, they might well hold the key as to who our next Taoiseach may be. What is clear is the political parties need to present clear, practical solutions while managing the complexities of public expectations and competing priorities.


Conor Hughes

Business Director

Core Research

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