The majority of Irish consumers are putting off or delaying large purchases rose as a result of the worsening geopolitcal situation triggered by Russia’s invasion of Ukraine. According to Deloitte’s latest state of the consumer tracker, the number of people in Ireland delaying large purchases increased by 5 per cent to 52 per cent last month.
The survey also indicated that those concerned about the rising cost of everyday prices jumped another 4 per cent to 86 per cent, which was the third highest of 23 countries surveyed.
Over 40 per cent of people also stated that the war has had a moderate to major impact on their plans to travel internationally, while roughly the same number believe it has majorly impacted the price they pay for groceries.
“This is the first tracker where the full impact of the war in Ukraine is evidently affecting consumer sentiment, along with both purchasing power and spending decisions,” Daniel Murray, Deloitte Ireland partner and head of consumer, said.
“The terrible ramifications of the situation in terms of its human cost, is of course the primary concern. However, given its broader political and economic effects globally, the invasion is having a much wider impact across society - not least on global supply chains and rising costs of production and goods. People in Ireland are really feeling this impact,” he said.
