Four in five people are concerned about the cost of living in Ireland, a 6% increase on last month, according to Deloitte's State of the Consumer Tracker.
There's also been a slight increase in those concerned about paying upcoming bills.
Overall, consumer spending is up for the fourth wave in a row, by €31 to an average spend of €2,608 per month.
The number of those surveyed who think groceries are now more expensive jumped 7% to 67%, while the number of those who believe restaurant prices are higher grew by 8% to 48%.
Only 8% of consumers are not concerned about inflation.
Consumer Confidence
While consumer spending is up marginally for the fourth wave in a row, over half of those surveyed are concerned about the amount of money they have saved.
Housing remains the largest proportion of spend at an average of 22% - up 3% on the last wave - while just under half of consumers are delaying large purchases.
Financial stress is the primary driver of global anxiety, with 54% of respondents in Ireland also putting it top of the rankings.
Despite the growing concerns about the cost of everyday living, a cohort of respondents are showing signs of optimism, particularly those aged 18-34. There has been a 5% increase in those feeling optimistic that the financial situation will improve within three years. Spending across all the main categories is stable including groceries, clothing, restaurants, healthcare, electronics and entertainment.
What is the Deloitte Consumer Tracker?
It's a monthly survey which tracks Irish consumers’ attitudes towards personal wellbeing, financial concerns, travel and hospitality, transport and retail.
The results are based on a survey of over 20,000 consumers across 23 countries (1,000 Irish consumers). The most recent data was gathered between January 27th and February 1st.
Daniel Murray, Partner and Head of Consumer at Deloitte Ireland, said:
Given rapidly rising inflation in a host of sectors, and significantly increased fuel, electricity and heating bills, many people are feeling the pinch. The Government is acting to mitigate some of the impact in the shorter term but given that energy prices are not likely to drop in the foreseeable future - particularly with the unstable geo-political situation between Russia and Ukraine - and that materials costs are increasing in many industries, the impact is being felt across the economy
Cost of living crisis on Déise Today
Recently on Déise Today, Waterford woman Cheryl Barry hit out at the lack of empathy from government and utility companies, on the rising costs of living. More here.
