Almost €1bn in harm to Irish consumers through wasted time and stress last year

Of those impacted by a consumer issue last year, 81% reported being at least moderately stressed by it.

A new report has put a €1bn price tag on the money, time and peace of mind lost by consumers in Ireland when things go wrong with goods and services.

The country's consumer protection watchdog surveyed more than 4,500 consumers and asked them to recall issues that had cost them money, caused them stress, or taken up their time in the previous 12 months.

The Competition and Consumer Protection Commission (CCPC) researchers found 39% reported experiencing detriment in the past 12 months, and of those:

• 81% reported being at least moderately stressed by the issue
• 62% spent some work time resolving their issue 
• 10% were still experiencing an issue more than six months later

The estimated financial loss to consumers for their most serious issues came to €968m.

The survey did find that when consumers contacted the trader about the issue, one in eight had the issue resolved in under a day, and one in three in under a week.

CCPC Chair Brian McHugh said the report reaffirms the work they are doing and will help direct resources to areas where consumers are most at risk.

"New laws and more resources mean we can increase inspections, increase enforcement and ultimately save consumers money, time and stress," he said.