Consumer losses last year come close to €500m

Nearly half of consumers have had a problem after buying a product or service in the last year — resulting in losses of almost €500m.

According to the first study ever undertaken here on “consumer detriment” by the Competition and Consumer Protection Commission, problems are most likely to be experienced by consumers with internet, TV or telecommunications services (7%); personal personal goods (6%); and household goods/services (6%).

In terms of financial loss, problems with household goods/services and internet, TV and telecommunications are the largest contributors, accounting for 25% and 21% of the total financial loss suffered by consumers.