Despite consumer confidence hitting an all-time low, most home owners in this country refuse to part with essential entertainment items such as satellite TV or cable subscriptions.
Most Irish people intend to move swiftly away from the conspicuous purchases such as cars, clothes and eating out that were the hallmark of the Celtic tiger years.
However, they are refusing to part with essential home-entertainment items such as satellite TV, and according to research by Mediaedge:cia , a whopping 82pc said they will be taking a foreign holiday in 2009.
Mediaedge:cia’s research into consumer behaviour in a recession-blighted 2009 found the vast majority of people are concerned or very concerned with the current recession.
The swathe of salary cuts doing the rounds have already hit spending, and 43pc admit they have less disposable income than this time last year.
When asked about job security, some 40pc said they felt secure, a factor that can be attributed to the ‘It won’t happen to me; syndrome or a belief that a recent pay cut has secured their job.
Most said they would not be cancelling their satellite or cable TV subscription, or decreasing the amount of credit cards they carry.
Nor have they any intention of switching their mobile-phone subscription to a prepay option.
It appears from the research that cut-backs appear to be in areas where the purchase is highly visible, such as the ’09 car in the driveway.
However, with credit crunch Ireland hanging on to essentials such as holidays abroad and home digital entertainment, a trend of invisible secret spending is on the rise.
By John Kennedy