Consumer Mindset - September 2024
This report is informed by the Credit Union Consumer Sentiment Index,
in partnership with Core Research.
September often feels different from August as it marks the end of summer and the return to routine. The relaxed holiday feeling fades, and responsibilities like work or school take over. Shorter days and cooler weather also contribute to a shift in mood and energy levels.
THE SUMMER IS OVER
In September, people’s emotions appear to have shifted negatively compared to August, likely driven by post-holiday blues and the challenge of returning to regular routines. The drop in feelings of happiness and enjoyment reflects the difficulty many face when transitioning from the relaxation of summer to the demands of daily life. Responsibilities such as work, school, and other commitments may feel heavier, causing emotional strain. Despite this dip in positive emotions, stress and frustration levels have remained relatively steady. This suggests that while people are not experiencing a significant increase in stress, they are also struggling to regain the sense of balance and well-being that they may have felt during the summer season.
INFLATION IS DOWN BUT CONCERN REMAINS
Even though inflation has dropped, concerns about the cost-of-living crisis remain steady, with 48% of people worried about making ends meet. While lower inflation might seem like good news, many are not yet feeling the benefits in their day-to-day expenses, like groceries, housing, and energy bills.
Household budgets are still tight, and wages haven’t necessarily kept up with the rising costs of essentials. There’s also uncertainty about what’s coming next, which adds to the stress. For a lot of people, the fear of financial instability is still very real, driven by high interest rates and slow wage growth. Even though inflation is easing, it doesn’t feel like much has changed for those struggling to cover basic living costs. This shows that while things might be improving on paper, many are still feeling the pinch and waiting for real relief from the cost-of-living pressures.
HOUSING IS A MAJOR ISSUE
Housing has become a major issue, with record levels of homelessness seen as the most important story in September. 55% of adults in Ireland were disgusted, angry, or sad that a record 14,429 people were in emergency accommodation, including 4,401 children, with rising rents since pre-COVID also being seen as a big concern.
Almost half (47%) of the public think housing should be one of the top three priorities in the budget, with people of all ages feeling this way. Housing is also the only issue that has gotten more important year-on-year, now ranking higher than peace in Europe, and sitting alongside energy costs and spending time with loved ones in terms of importance. The public’s frustration shows just how urgent it is for the government to address this ever-growing problem.
