Research carried out by DMG Media Ireland shows that 80% of Irish people have saved money in lockdown with one quarter of these putting aside more than €1,000.
The research also revealed that this new found spend thrift behaviour has caused 70% of the nation to commit to continued saving. However, only 12% said they would be in a position to save at the same levels – unsurprising as 7 in 10 of those surveyed admitted that their propensity to save was due to lack of socialising.
SPEND TRENDS
Over half of those questioned (52%) declared that they had short term plans for this windfall and ‘couldn’t wait’ to blow it in the sales. A further 27% confessed that they were looking forward to treating themselves as restrictions eased.
In addition, 31% divulged they would spend some of their savings doing up the house or garden while 26% conceded that they would spend on a holiday with most opting for a staycation. In addition, more people admitted that they would spend on upgrading their car than their phone (9% vs 2%) while almost half (44%) plan to spend the same if not more this Christmas
TAKING STOCK
The DMG Media Ireland study found that with plenty of time to think about their outgoings and weigh up their options, Irish people are now more open to offers than ever before with 77% actively researching ways to switch and save.
First on the chopping block was Supermarkets with Irish people keen to change where they bought their groceries (34%) followed by Energy Provider (22%), Car Insurance and Broadband supplier (both 18%)
Speaking of these findings, George Morahan, Business Editor of Extra.ie said: “The results of the DMG Media survey show that the COVID-19 lockdown has allowed consumers to take stock of their spending. People have had the time to shop around and find the best deals on goods and services, and the research shows that we are determined to switch suppliers, shops and providers — and save money. With extra money to spend businesses will have to come up with competitive, enticing deals to attract people over the coming months as competition will be high.”
