1 in 3 putting any spare cash into savings – Nielsen

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Despite a three point jump in Irish consumer confidence here between July and September, some 72 per cent of people are not ready to spend yet while 31 per cent of online respondents to the latest global consumer confidence Nielsen survey are putting any spare cash they have into savings.

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This represents an increase of four percentage points on the previous Quarter.
The fear of rising bills was the third-biggest concern in the survey.
This ranks behind Economy and Job Security.

“As another severe Budget looms in December” states Nielsen, “consumers are likely conscious their already fragile household spending power could be further impacted”.

However the online survey also shows a three per cent increase to 16 per cent in those spending their spare cash (after covering essential living expenses) on ‘Out of Home Entertainment’.

But compared to last year, 58per cent of respondents had cut down on Out of Home Entertainment, up one per cent.
The Nielsen survey concludes, “The gradual improving trend visible in sentiment for Ireland could stall as possible future bills like a new property tax, cuts to child benefit, social security and health spending rattle consumers. The survey currently reveals bills and groceries take up almost 70 per cent of the household budget, not leaving much for discretionary spend. When asked the question ‘If we had 10 per cent extra in our monthly budget, how would we allocate it?’, ‘Putting it into Savings & Investments’ ranks top.

“The ‘fear factor’ of possible future impact on already strained personal finances may halt any strong consumer spending resuming for the next quarter and beyond.”

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