With Spring almost upon us, the latest Core Consumer Mindset report notes a discernible movement in how Irish people are feeling and this may be having an impact on the gradual shift in sentiment recorded by Core’s Consumer Sentiment Index which is carried out in partnership with the Credit Union.
According to Core’s Consumer Mindset report for February 2023, “feelings of happiness and enjoyment prevail” and the nation feels a “sense of accomplishment after making it through the winter challenges.” According to the report 32% of those surveyed feel happy although 9% are “very optimistic” that Ireland will overcome the current cost-of-living crisis.
“Positive events such as the St Brigid’s Day holiday and the return of brighter mornings, have contributed to the uplift in the mood of the nation,” according to the report’s author, Ali Bruce of Core Research. She adds that this in turn has a slight uptick in sentiment. “The Credit Union Consumer Sentiment Index, in partnership with Core Research has marginally increased to 55.6. This is notable as over 26 years of research, 18 years has shown a decline from January to February. This year’s stability may be a sign of optimism,” she says.
Following the spate of lay-offs by Big Tech companies in recent months, however, the Core report notes that the uncertainty surrounding this has contributed to feelings of stress, worry, and anxiety for some and “one in three people in Ireland wanting a more stable future.” Additionally, 57% remain “very or extremely concerned” about the ongoing cost of living crisis.
“The cost of renting in Ireland remains a contentious issue, with concerns about affordability and supply,” the report notes. “While the Irish Government have introduced various measures to try and address the issue, including the recent rent credit that has alleviated certain challenges, the issue of affordability remains a significant challenge for many renters with 60% of all renters fearing their rent will increase and one-third of the population now stating they know someone close to them impacted by the lack of affordable housing. Further, 45% of adults believe that the financial position of their household will get worse over the next 12 months, enhancing reasons for concern resulting in 40% continuing back on everything.
To download a copy of Core’s Consumer Mindset report for February 2023 click HERE