Penneys has today launched its first "Pulse of the Nation" index which shows that the cost of living crisis is weighing heavily on consumers' minds and purses, with women, renters and families most impacted.
The research for the new Penneys index was carried out by Amárach.
It reveals that 56% of people in Ireland are happy with their quality of life, but four in ten feel it has worsened in the last quarter as their finances came under pressure from rising costs.
The index found that during this cost of living crisis, most people have adapted their behaviour, becoming savvier than ever before with 95% engaging in money saving hacks.
According to Penneys, a typical person takes five actions on average to save money, including wearing warmer clothes at home to reduce heating costs (81%) and cancelling entertainment subscriptions (41%).
69% said their spending on essential living expenses has increased while 57% of adults have admitted cutting their non-essential spending.
Today's index shows that the cost of living crisis is taking a disproportionate toll on women, who account for six in ten of those with the lowest quality of life.
It also reveals that women are less content with their financial situation (46%) compared to men (54%) and report lower levels of satisfaction with their mental health (66% female v 72% male) and physical health (56% female v 63% male).
Renters are also disproportionately feeling the pain when it comes to the cost of living crisis compared to homeowners and are almost twice as likely to be dissatisfied with their financial situation (68% v 39%).
They also find it harder to manage their finances, with 67% finding it difficult to balance their budget compared to 48% of homeowners.
The index also includes insights on what Penneys' customers are buying in its stores.
With eight in ten people admitting to wearing warmer clothing to keep heating bills down, Penneys has seen record-breaking demand for warm cosy clothes during the colder months that can be worn inside the home.
Items including Snuddies, thermal underwear and velvet plush leggings have all soared in recent months.
Despite the current financial pressures, people are still to looking to enjoy themselves and find some money for the little pleasures in life, with over a third of adults planning a trip abroad over the next three months.
Penneys is also seeing huge demand in its stores, much earlier this year compared to previous years, for holiday items such as flip flops, beach towels, swimwear, sunglasses and luggage.
Damien O'Neill, Head of Penneys Ireland and Northern Ireland, said the index was launched to understand more broadly how people are feeling, and how savvy and adaptable Irish consumers are becoming in the face of financial pressures.
Amárach Chairman Gerard O'Neill said the new index helps us see the bigger picture, beyond inflation and other pressures, reflecting how people are feeling about their lives.
"The Penneys Pulse of the Nation Index has revealed that this is not an 'equal opportunity' cost of living crisis as it clearly identifies three key groups – families, women and renters – who are shouldering the financial burden and whose quality of life is impacted the most," he said.
"It will be fascinating to see how these trends develop in future reports as we monitor the range of factors shaping quality of life and the ongoing efforts of people in Ireland to navigate the cost of living challenge," he added.
