The latest RED C Consumer Mood Monitor from June 2021 shows a sharp rebound in consumer confidence in the Irish and world economies in the past 6 months. The outlook now is roughly back to pre-Covid levels, with half thinking the economy will improve or stay the same, and just over a third believing it will improve.
The rebound began in January following the announcement of several effective vaccines, and of a Brexit trade deal, and confidence has continued to rally since. However, it is clear some concerns remain with outlook on the economy still well below levels seen from 2015 to early 2018, before a hard Brexit increasingly came into view.
The research also signals that the majority (59%) believe that the Covid-19 situation will improve in the next six months, a significant increase from 18% in October 2020 and 47% in January 2021, while only 17% believe the situation will deteriorate.
Spending is predicted to increase dramatically as restrictions are lifted, with household savings at an all-time high, and our research showing a significant surge in the number of people expecting to increase their discretionary spending across holidays, entertainment and consumer goods. Over half (56%) say they will be spending more on entertainment and almost half (46%) on holidays, double the levels seen in tracking since 2012.
There is also growing readiness to take part in different activities, as confidence in the pandemic situation and vaccine rollout increases, with more than a half of adults already doing or being prepared to do activities such as taking public transport, holidaying in Ireland, returning to work, visiting health professionals and visiting shops other than supermarkets. In particular people appear to show a real value in worthwhile “experiences” that were denied during us the crisis. The desire to party, socialise, and meet friends and family are very high. The retail and domestic hospitality sectors stand to benefit, with a large majority planning on a holiday in Ireland this year. However, 2 in 5 are also looking to take a holiday abroad in the coming six months.
Download the full report on the June 2021 RED C Consumer Mood Monitor here: