Consumer Mindset - November 2023
This report is informed by the Credit Union Consumer Sentiment Index,
in partnership with Core Research.
In early November, the Northern Lights (Aurora Borealis) pictured on this report’s front cover, were visible across parts of Ireland. This natural spectacle was a moment of awe during a month of relentless news from the Middle East, which has shocked and upset the public.
A MONTH OF HARD-HITTING NEWS
In the past number of weeks, the stories emerging from the Middle East have dominated Irish airwaves - with daily reports of bombings and other atrocities - the conflict between Israel and Hamas has been the centre of conversation from national level to Irish dinner tables. There have been numerous calls for a ceasefire and ongoing displays of solidarity, by the Irish public with those affected by the unnecessary violence. There has been high levels of compassion from the Irish public and a demand for peace.
The Hamas attacks and the Israeli retaliation have seen huge levels of awareness amongst the public and with a high level of importance attributed to the conflict. Over eight in ten people aware of the events and over 70% of people denoted these stories as significant.
Domestically, Budget 24 was released last month with the public divided on how it will impact them financially over the next year Results from last month's edition of the Mindset report highlighted how 91% of people reported that the budget would have little to no impact on their personal finances – but a month on people are more optimistic about the future. To things outside of our control, Storm Babet wreaked havoc across the country last month, with Cork receiving the brunt of her effects, many were left to deal with the aftermath of her destruction.
COST OF LIVING CRISIS, NO MORE?
In the financial world, the European Central Bank kept steady interest rates for the first time in over a year and the rate of inflation declined for the second month in a row - which had a knock-on effect for the Irish consumer.
For the first time since June 2022, a minority of Irish people reported being concerned about the cost-of-living crisis that has been ongoing since early last year. This was the first time since tracking began that the number of people concerned has dropped below the milestone of 50%, indicating a level of consumer confidence heading into the Christmas period.
The Credit Union Consumer Sentiment Index, in partnership with Core Research, saw the Index rise slightly from 60.4 to 61.9 in November
A HAPPY NATION
Despite all the dark news that has rightly dominated our screens, the shorter, darker evenings and another Rugby World Cup quarter final exit for the men's rugby team, Ireland remains a generally happy nation. Asked which emotions the felt a lot of the day previous, over two in five (41%) people reported feeling happy - highlighting the evident innate resilience of the Irish people.
With the year ending, it's encouraging to see a bright outlook on behalf of the Irish population, in a world marred by gloom.
