International Consumer Day
NCA introduces new information resource to help consumers find value
NCA research shows:
- Half of Irish consumers finding it difficult to make ends meet
- 80% worried about finances
- 60% changing expenditure habits
15 March 2009
The NCA today introduced the newest element in its ongoing drive to help consumers in Ireland get the best value possible - an online information resource, 'ConsumerValue', designed to help consumers identify the best ways to drive a better deal in their typical day-to-day transactions.
In the run up to International Consumer Day (today), the National Consumer Agency surveyed Irish consumers to identify the specific areas where the recession is hurting them most.
The research, which was conducted for the Agency by Amárach Research shows that 50% of Irish consumers are now finding it difficult to make ends meet.
The survey also reveals that eight out of 10 people are now worried about their financial future and 61% have already cut back their spending due to the recession. Even where consumers may not yet have been affected by the downturn, they are conscious of it and have started to change their behaviour.
The biggest problem areas include paying for:
- Household energy bills - 37%
- Running of their car - 36%
- Health and Medical Expenses - 35%
- Groceries - 32%
The proportion of the household budget spent on these items is very significant, particularly for consumers on low or fixed incomes, who will be especially vulnerable at this time.
Overall in the current environment, consumers are becoming more discerning and price conscious and 57% of consumers have changed their expenditure patterns.
It is against this background that the NCA has introduced its new online 'ConsumerValue' information resource.
'ConsumerValue' contains information and tips designed to address the main consumer expenditure areas and identify steps to take for consumers who want to find the best value. Consumers should log onto consumerconnect.ie where they will find the ConsumerValue tool on the homepage.
Ann Fitzgerald, Chief Executive of the National Consumer Agency said: "Today is International Consumer Day and the research that we have carried out shows that many consumers are beginning to feel the pinch.
"In the current economic climate, consumers are becoming increasingly price conscious and believe it is more important than ever to seek out value.
"Since our inception in May 2007, the Agency has continuously placed a strong emphasis on the importance of consumers voting with their feet and obtaining value for money.
"The Agency's research has shown an increasing proportion of consumers who are interested in, and willing to, switch product and service providers in search of better value.
"ConsumerValue provides a single sign post for consumers looking for greater value across a wide range of the most common areas of daily and monthly expenditure.
ConsumerValue focuses on core expenditure items such as groceries, energy, transport, insurance, and entertainment. The site highlights ways to manage money and bills, choose the right product or package, cut down on costs and switch and save.
ConsumerValue also contains links to other specialist websites in areas such as telecommunications and financial services to help consumers get better value for money.
The Agency will continue to develop the ConsumerValue resource over the coming months to help consumers cope with the financial pressures of the recession.
Consumers can help one another by sharing information on best offers, fair value and the traders who are willing to go the extra mile, so help us spread the word. Email info@consumerconnect.ie
Ms Fitzgerald went on to say: "We believe that there is far more to value than price alone, and the advice and tips on ConsumerValue reflect this, recommending that consumers think carefully about the full range of features, supports and other aspects they require when identifying value in products and services they buy.
"ConsumerValue will take much of the footwork out of finding the essential information to make informed purchasing decisions. Consumers now have a single address which will direct them to the information they need to get the best value possible."
Key findings of the research
In the past year, 50% of consumers are finding it difficult to make ends meet.
Persons aged 45-54, the unemployed and those in the C2DE class are most affected. The areas where consumers, (particularly those aged 18-24) are finding it particularly difficult to make ends meet are:
- Household energy bills - 37%
- Running of their car - 36%
- Health and medical expenses - 35%
- Groceries - 32%
- Loan repayments - 23%
- Mortgage repayments/rent - 23%
78% of consumers are concerned about their future financial situation. Women and persons aged 25-44 are most concerned.
As a result of the recession, 57% of consumers have changed their expenditure patterns with 61% of consumers having reduced their expenditure.
The main areas where consumers are cutting back are:
- Clothing and footwear - 58%
- Household appliances - 54%
- Socialising (pubs, restaurants etc - 50%
- Going away on weekend breaks - 48%
- Cultural activities (cinema, concerts etc) - 41%
In light of the recession, consumers have postponed or delayed planned activities the main areas in this regard are:
- Undertaking home improvements - 36%
- Going on Holiday - 34%
- Changing Car - 29%
- Buying a House - 16%
Downloads
Download a presentation by Amárach Research of the NCA ConsumerValue Survey February 2009 (Microsoft PowerPoint, 1.2 MB)