Majority of Irish people believe prices will grow even faster this year
From this week's Galway City Tribune
Author: Our Reporter
~ 3 minutes read
From this week's Galway City Tribune
Parents with children will continue to feel the effects of spiralling inflation more than any other sector, according to a new survey.
The research, carried out by Revolut, revealed that the average consumer in Ireland is spending 17.8% more, year on year – but this survey of 1,000 people found that 56% of them think prices will go up even more this year.
In contrast, 15% think prices will go down in 2023, with 18-24 year olds being the most optimistic with 31% thinking prices will go down – but 45–54-year-olds are the most pessimistic as 63% think prices will increase further this year.
When asked which types of households those polled think are most impacted by inflation and high prices, 69% of people said parents with children.
Despite some expenses such as children’s clothing only increasing by 5.8% year on year, the number of customers paying for childcare services has gone up 185%, year on year, likely due to the relaxation of covid restrictions.
Other answers of which households are most affected by inflation include retired people (36%), students living with roommates (30%), and singles (24%). As supermarket spending has increased 14.3%, price rises are impacting all walks of life.
Furthermore, salaries haven’t kept up with inflation according to the research, as only 10% said they had a pay rise last year to match inflation.
Overall, 37% of people said their salary didn’t increase last year; 21% said their salary wasn’t increased and don’t think it will rise this year either.
Only 5% of people said that although their salary didn’t increase last year, they will negotiate it this year, and 7% think their salary will increase this year. However, 3% said their salary decreased last year.
The survey revealed that if those polled were given an extra €10,000, 15% would spend it on essentials before prices go up further; 15% would save it, 13% would put it aside in a current account they have easy access to, and 11% would spend it on experiences such as travelling.
The rise of inflation has meant that 38% of people in Ireland are looking to save more money for a rainy day. 36% feel the rise of inflation has taught them how to consume less overall, 13% are looking to focus their money on experiences rather than material goods.
Despite the rise in the cost of living, Revolut recently reported that consumers in Ireland have boosted their generosity. Donations to charity increased by 14.6%, and 8.9% more people gave to charity in January 2023, compared to January the previous year.
The survey suggests these figures could grow further, as 18% of people plan to donate more this year than in previous years.
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