At the start of the holiday season, 27% of consumers say they won’t take a holiday this year, up from 23% last year and 19% in 2021, according to the credit union’s latest Consumer Sentiment Index published today, reports RTE.
Based on a survey of 1,000 people, it was found that 30% of vacation planning respondents said lifestyle stressors would reduce the cost of their vacation, while 25% said lifestyle stressors would not affect their vacation spending, and 8% % said they would spend more than they need on breaks.
The monthly survey showed a slight improvement in overall consumer confidence in June compared to May, although consumers remain cautious about spending and there is still some pessimism about the future, reports RTE.
Recent high-profile declines in the prices of some foodstuffs and forecasts of lower electricity prices, as well as generally positive employment news, added to the seemingly positive sentiment.
“These developments meant consumer thinking on both past and prospective household financial circumstances improved clearly but cautiously in June,” said economist Austin Hughes in a commentary on the findings, reports RTE.
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