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.

Under half (47%) of the problems with goods or services incurred no financial detriment, while 5% incurred financial detriment of more than €750.

The study found that two thirds of consumers took some action in pursuit of the problems they encountered, with the most common actions being a complaint to the company (48%); looking for a replacement (30%); and looking for a refund (25%).

In the last year consumers reported that 39% of issues had been resolved, but 46% were not resolved in any way. One in 10 said they had to invest 10 hours or more of their time to resolve the problem, while 34% required personal time of two to 10 hours.

The study also highlighted that consumers aged 35 to 44 had a higher than average experience of loss (50%) as a result of having to complain about a product or service and females (47%) were more likely to experience such a loss than males (43%).

Commenting on the study, commission chair Isolde Goggin said the study gave an insight into the problems faced by consumers here.

She said despite the fact that a majority of consumers took action when they encountered a problem, a large proportion of the problems remained unresolved.

“Consumers should know that the Competition and Consumer Protection Commission has a consumer helpline (1890 432 432) and website, consumerhelp.ie, which provide information to help them assert their rights, make informed decisions and know what options they have if things go wrong,” she said.