Almost half of Irish consumers worry about their finances: PwC   

A large number of Irish consumers are extremely concerned or are very concerned, about their finances as inflation persists to squeeze household incomes, according to a major survey.

The latest PwC consumer survey for Ireland is part of a wider survey of 9,180 people around the globe that shows the fall-out from the cost-of-living crisis and the likelihood that Irish consumers will alter their spending patterns further in the coming months.     

Almost half of Irish consumers say they are either extremely or very concerned about their personal finances, and three quarters of the survey have cut back or stopped non-essential spending altogether, according to PwC.  

However, the PwC survey like other recent surveys also hints at plans following the pandemic by many other consumers to return to "normal" levels of spending on airline travel and on holidays at home and abroad, despite the prices crunch.                     

After a difficult 2022, "the new research highlights a heightened level of concern across Irish consumers. They are also very clear about the actions they will take to manage their budgets", said John Dillon, who heads up the Ireland retail and consumer practice at PwC. 

"A nod to a return to more normal activities, around half plan to take an international flight,  stay in a hotel, and take a staycation in the next few months," the survey also reported. 

For retailers, the message is that consumers will continue to seek competitive prices and they "must remain focused on delivering value to the consumer, invest in the in-store customer experience, and ensure their omni-channel propositions deliver a frictionless customer-centric experience", according to PwC. 

The survey also showed that a third of Irish consumers were working at home and at their offices.

It found that over 60% of consumers "are required to be physically in their place of work, up from 57% in the last survey, and 6% work from home all of the time, down from 8% previously". 

"Increased numbers in the physical workplace is good for local businesses as it drives footfall into both retail and foodservice establishments," PwC said. The survey of 9,180 global consumers included 523 consumers in Ireland.