Consumers remaining 'frugal' to cope with cost-of-living increases — surveyMuireann DuffyConsumers are spending frugally in order to manage increases in the cost of living, new data suggests. The EY Future Consumer Index found the vast majority (94 per cent) of respondents globally said they are concerned about rising living costs, while 92 per cent of Irish respondents said they are worried about the State's economy. "Consumers are remaining frugal and resilient to cope with cost-of-living pressures", EY Ireland's Colette Devey said. "They are reporting the value they receive from brands diminishes due to price increases and in some cases shrinkflation. Consumers are responding by switching away from brands, reducing their list of essentials and cancelling subscriptions to maximise budgets.

Source: Irish Independent May 23, 2023 10:55 UTC