Just over three quarters of Irish consumers are concerned that the prices of everyday purchases are increasing, while half are optimistic that the financial situation will change over the next three years.
Despite the concerns, just 25 per cent of respondents to Deloitte's latest Global State of the Consumer Tracker said they were worried about making upcoming payments, rising to 40 per cent of people concerned about their credit card balance.
53 per cent were not satisfied with the amount of money they have saved, while 47 per cent agreed that they delay making larger purchases and 17 per cent use a credit card to stretch their paycheck.
The tracker found the average Irish consumer plans to spend just over €2,600 over the next four weeks. The average spend on essential costs, such as housing, energy and groceries was estimated at €1,796, while more discretionary spending, such as entertainment, leisure travel and dining out, averaged €811.
Recent rises in the cost of living and inflation were reflected in the tracker, with just 8 per cent of Irish consumers stating they were not concerned about inflation.
In the February 1st survey, 70 per cent of Irish consumers said they felt the cost of alcohol and tobacco had increased compared to the previous month, which can also be attributed to the introduction of minimum unit pricing for alcohol which came into effect on January 4th.
However, the perception of the rising cost of living may be best illustrated by the cost of groceries, which 68 per cent of consumers said had increased since January.
The easing of Covid-19 restrictions has also seen a more substantial return to socialising and dining out, with 58 per cent of people feeling prices have increased since the start of the year.
