Irish consmers kick their spending habit
Consumer website, SaveAFewBob.ie, has revealed that consumer behaviour has altered significantly within the past year. The Vices and Indulgences survey, conducted by RED C, details how consumers have re-examined their spending habits and cut back on non-essential items.
Many Irish consumers are no longer able to financially support ‘life’s little luxuries’ such as playing the Lotto, clothes shopping, eating out, drinking alcohol or buying take away coffee, amongst others.
Commenting on the survey findings, Niall Mc Henry, Founder of SaveAFewBob.ie says:
‘Our research shows that Irish consumers are cutting back considerably on discretionary spend. Retailers, restaurants and other service providers are bearing the brunt of this recession. Today’s consumers are motivated to obtain value for money and if they don’t believe that they are receiving value they are voting with their feet’.
The Vices and Indulgences survey reveals that 87% of survey participants indicated that they have reduced the frequency of at least one of the listed activities, while more than one-third of survey participants have reduced the frequency for at least 4 out of the 8 activities listed. Some key findings include:
• 53% of participants claim to be eating out less. This decrease in activity is especially prevalent among those aged 25-54, at 62%.
• 40% claim to be drinking alcohol less often. The decrease frequency is highest among the 35-54 age category with 46% claiming to drink less often.
• 16% claim to be smoking less. The number of individuals who claimed to smoke less often was higher among those under 35 (23%) and lower among those over 55 (7%).
• Half the population claim to be clothes shopping less often than they were at the same time last year. 55% of women and 44% of men are clothes shopping less frequently.
• One-third of survey participants claim to visit the hairdresser less often than this time last year, with this increasing to over 4 in 10 (43%) for females.
• 40% claim to purchase take away coffee less often than at the same time last year. For under 35’s the decrease is most evident, at 45%.
• 1 in 3 claim to have decreased frequency of either gambling/betting or playing Lotto compared to the same time last year.
Notably, eating out and clothes shopping are the areas of personal expenditure that have been most affected. Interestingly, a substantial number of survey participants continue to play the Lotto. In fact, 12% are playing the Lotto more often than the same time period last year. Arguably, a significant number of individuals have turned to ‘Lotto luck’ in the hope of escaping the realities of the recession. The survey results also highlight what purchases the consumer views as either a luxury or a necessity. While gross consumption appears to have fallen by the weigh side, addictive habits such as smoking are apparently harder to kick.
Research was conducted by independent market research agency, RED C Research. Results are based on a nationally representative sample of 1,005 adults, with research conducted via telephone omnibus between 5th & 7th September 2009.
To view the survey results in greater detail, visit www.saveafewbob.ie
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For further information, please contact Niall Mc Henry, Managing Director or Grace Carroll, Communications Officer of SaveAFewBob.ie at:
E: niall@saveafewbob.ie or grace@saveafewbob.ie
T: 01 415 1253
