Dublin: The majority of ordinary people in Ireland are struggling due to the rising cost of living. According to EY Trax’s Future Consumer Index and a recent survey by the Central Statistics Office (CSO), geopolitical conflicts, climate change, and personal financial issues are major concerns for many.
A survey of 23,000 consumers across 30 countries, including Ireland, found that 62% of Irish households and 55% of households worldwide are grappling with increased living costs. Rising prices for essentials like energy, groceries, and healthcare are causing the most distress.
In response, consumers are making lifestyle changes to save money. These changes include minimizing food waste, repairing appliances instead of buying new ones, and cooking at home rather than eating out. Many have also cut back on buying clothes, shoes, accessories, takeaways, and alcohol.
Despite these challenges, 50% of people are optimistic about the future, with 40% believing that things will improve within a year. EY Ireland Chief Economist Dr. Loretta O’Sullivan highlighted that hopes for falling energy and food prices and European Central Bank interest rate cuts are fostering this optimism.
However, trust in brands is declining, with nearly 50% of Irish consumers willing to switch to new labels, compared to a global average of 34%. Additionally, 60% of those surveyed used online discount codes, and over 40% benefited from retailer rewards programs in the past six months.