Confidence among consumers globally is shrinking as many prepare for a long financial squeeze
79% of consumers say their finances are a concern, with 62% expecting their living costs to increase even further over the next six months.
The findings are contained in the EY Future Consumer Index which has also found that the rising cost of living is forcing consumers to tighten their grip on finances.
The Index says despite increasing momentum and pressures to live in a more environmentally friendly way, consumers’ efforts are being stunted by the rising cost of living
EY Ireland Consulting Partner Ivan O’Brien, says business will also face growing challenges:
"I think for businesses it's going to be very interesting. I think we are seeing the more conscious consumer, really challenging certain sectors in terms of where they're standing. We know for the fast fashion sector for example, people are hanging on to their, their clothes a little bit longer. So it is a challenge for for retailers."
