The most recent Deloitte State of the Consumer Tracker report shows that vast majority of people are anxious about the escalating cost of living. Ongoing rising prices also see one in four people concerned about honouring their upcoming payments. It appears that around 80% of citizens are concerned about the price hikes.
The tracker is a monthly survey which tracks Irish consumers’ attitudes towards personal wellbeing, financial concerns, travel and hospitality, transport and retail.
The latest stats illustrate that overall, consumer spending is up for the fourth month in a row – by €31 to an average spend of €2,608 per month, as inflation means people have to fork out more money for goods and services.
The survey shows that housing remains the largest proportion of spend at an average of 22pc, up since the last time the survey was conducted.
Head of Consumer at Deloitte Ireland Daniel Murray says that, “Given rapidly rising inflation in a host of sectors, and significantly increased fuel, electricity and heating bills, many people are feeling the pinch.”
He said the Government was acting to mitigate some of the impact in the shorter term, but warned that energy prices are not likely to drop in the near future.
The latest Payments Monitor from Banking and Payments Federation Ireland (BPFI) shows total card spending reached new heights in 2021 as consumers and businesses reduced their use of cash and increased their online spend and contactless payments in stores.
LSL News.