Irish consumers are among the most concerned about rising costs around the world, with more than three-quarters (78%) expressing worry about inflation, according to the latest Deloitte state of the consumer tracker study.

Of the 24 countries surveyed, only the UK and the Netherlands (both 79%) outstripped Ireland in terms of cost-of-living concerns, while China (37%) and Saudi Arabia (49%) were the least concerned.

Six in 10 Irish consumers said they have no extra money left at the end of each month, and 55% feel their financial situation has worsened in the past year.

The squeeze has resulted in consumers adopting more modest spending behaviours, with 43% of Irish shoppers and 41% worldwide dedicating a lot more time to planning their shopping.

Concerns about the rising price of gas and fuel have relented to some degree, however, falling 8% among Irish consumers to 77% as costs begin to stabilise. Some 24,000 consumers were questioned for the study.

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"The results from the Deloitte State of the Consumer Tracker show that six in 10 Irish consumers have no spare money at the end of the month and 55% of consumers feel that their financial situation has worsened in the past year," said Daniel Murray, partner and head of consumer industry at Deloitte Ireland.

"On the sentiment side, 21% of Irish consumers are concerned about making upcoming payments and 19% are concerned about their credit card debt.

"Inflation concerns have been widespread among Irish consumers for well over a year and with the prolonged situation taking its toll on spending decisions, many are adopting more recessionary behaviours," he added.

"This is a pattern in the majority of the 24 countries in which Deloitte spoke to consumers but particularly the case with Irish consumers. 54% of Irish consumers intend to delay large purchases and only 36% said they can now afford to spend on things that bring them joy.”

May went on to say that paying attention to perceptions of inflation was as important for consumer companies as taking note of inflation rates, as popular thinking has become a critical driver of spending confidence.

Irish consumers most concerned about inflation are signalling weaker spending intentions across most categories, and particularly discretionary categories. hence a surge in advertising focusing on value and multi-buy deals.

"We can see from the Irish grocery patterns that price and value will become a dominant consideration. 43% of Irish consumers dedicate a lot of time to planning their grocery shopping (the global average is 41%) with 84% expecting grocery prices to rise further," Murray said.

"41% purchase most own brand labels and half are now choosing meals to make the most of the food they already have. These short-term spending shifts to tackle inflation run the risk of cementing into longer-term habits.”

The survey was completed in the last week of November, with 1,000 respondents targeted in each of the 24 countries.