Over four in ten households are struggling to afford their everyday home energy needs, while another two in ten could not withstand further price increases, however small.
And as overall inflation reaches a 21-year peak of 6.7 percent, a survey from Taxback.com has also revealed that 80 percent of the Irish public plan to make changes to their buying behaviour around household expenses such as the cost of housing, transport, and insurance as well as everyday costs such as shopping and food consumption.
The latest Taxback.com Consumer Sentiment Survey reports that thousands of Irish households are besieged by the impact of inflation on day-to-day living costs. The survey looked at the extent to which households are impacted by the hikes to date, and also at consumer behaviour around spending and what changes, if any, people anticipate making in their essential spending in the coming year.
Respondents were asked the following question - fuel and home energy costs are on the up. How much further would they need to go up before they would become a struggle to pay or simply unaffordable for you?
(1 ) I’m already struggling with this – 41 percent (2 ) Any amount would be a struggle for me – 18 percent (3 ) €25 per week – 13 percent (4 ) €50 per week – 11 percent (5 ) €75 per week – three percent (6 ) €100 per week – four percent (7 ) €200 per week – three percent and (8 ) I don’t think I’ll struggle with any hikes – seven percent.
Changing behaviours
The Taxback.com survey also asked whether respondents have considered changes to their buying behaviour this year as a result of increases in the cost of goods and services; ranking the areas of spending where consumers expect to hunt for better value, and where they intend to spend less.
Respondents' ranking of costs they will look for better value on are as follows: (1 ) Energy costs, (2 ) Motor insurance, (3 ) Food costs, (4 ) Transport Costs, (5 ) Health insurance, (6 ) Housing and (7 ) Alcohol & tobacco.
Respondents' ranking of costs they will spend less on are as follows: (1 ) Alcohol & tobacco, (2 ) Transport costs, (3 ) Food, (4 ) Energy costs, (5 ) Housing, (6 ) Motor Insurance and (7 ) Health Insurance.
For full detaiils see Taxback.com
