Monday 24 July 2017

Things are looking up with lift in confidence and travel

The number of foreign trips by Irish people rose in the first quarter of 2015 compared to the same period last year
The number of foreign trips by Irish people rose in the first quarter of 2015 compared to the same period last year
Wayne O'Connor

Wayne O'Connor

Consumers are more willing to travel abroad, as the number of foreign trips by Irish people rose in the first quarter of 2015 compared to the same period last year.

More than €1bn was spent on trips abroad during the period, of which €753m was accounted for by people holidaying or travelling to visit friends, according to research by the Central Statistics Office.

The 14pc increase compared to last year comes at a time of growing consumer confidence.

A report carried out by Bord Bia has revealed that 51pc of consumers believe that things are going well financially for the country. This figure stood at 8pc in 2011.

It also revealed that two-thirds of people consider price to be more important than buying branded goods. This is an increase of 9pc compared to 2010, as consumers look to become more prudent with their money.

Bord Bia Director of Consumer Insight, Helen King, said that the research shows people are reacting to the recession.

"Ireland has experienced huge changes in the past decade at social, economic and technological levels which have impacted on consumer attitudes," she said.

Many people also feel they are more aware when making purchases, with almost three out of four (72pc) consumers spending more time researching a product before buying.

A higher number of Irish people feel more knowledgeable on money matters than people in other countries, as 71pc are confident about what they know. This figure stands at 52pc globally.

Consumers are also less trust worthy of institutions or financial experts.

More than 60pc of consumers said that they are becoming as self-reliant as possible with only 37pc willing to seek the advice of professionals.

Irish Independent

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