Our monthly analysis of the mood of the Irish nation, their spending and savings habits, and their outlook on the future. Broken out by customers of the top 3 banks, top 3 supermarkets, top 3 mobile networks and top 3 daily newspapers.

1. Economic Recovery Index
An Amárach Research Briefing
November 2012
additional analysis by:
main bank, supermarket, mobile network, daily newspaper
Economic Recovery Index © Amárach Research1

2. The Ides of November?
What is it about November? We’ve been
tracking the emotional wellbeing of the nation
since April 2009, and every November we see
the gap between positive and negative
emotions closing (see slide 15).
It may be the weather and the shorter days, but
if you are in marketing then it does beg the
question: will your brand communications cut
through the seasonal gloom?
We hope so – and we hope you find this
month’s issue of our Economic Recovery Index
helpful as you plan for 2013.
We’ve even broken out the results by the
customers of main banks, supermarkets,
mobile networks and daily newspapers – which
might help you plan your ‘emotional strategy’ in
the months ahead.
Economic Recovery Index 2

3. The Emotional Recovery
We have been reporting our monthly
Economic Recovery Index since April 2009.
We set out three years ago to assess the
psychological impact of the recession and to
chart our ‘emotional progress’ towards
recovery alongside our ‘economic progress’.
Our tracking research has shown the
remarkable emotional strength of the Irish
people, who have consistently reported
‘happiness’ and ‘enjoyment’ as their two most
frequently experienced emotions.
This report summarises our Economic
Recovery Index results from April 2009 to
November 2012.
The most recent fieldwork was conducted
during 11th to 17th November 2012 inclusive.
Economic Recovery Index 3

4. A Matter of Measurement
Every month we survey a representative, online sample of 1,000 adults and ask them to tell us
which one statement ‘best describes the economic situation in Ireland right now’ (listed below)
Our ERI Index weakened slightly in November 2012 on the previous month:
Oct’12: 0% Nov’12: 0%
Oct’12: 3% Nov’12: 3%
Oct’12: 48% Nov’12: 47% Oct’12: 21% Nov’12: 20%
Oct’12: 28% Nov’12: 30%
Economic Recovery Index 4

5. The Economic Recovery Index
Using the answers to the question on ‘stages of recovery’ we have created the Economic
Recovery Index, which ranges from 0 to 100 (0 = deep recession; 100 = back to peak).
The ERI has continued to weaken steadily since July – though November’s index is still up
on November 2011:
30
25
20
15
10
5
0
Apr Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov
'09 '10 '11 '12 '12
Source: Amárach Research, November 2012
Economic Recovery Index 5

6. Recovery Outlook 1
% of Irish adults who agree with each statement:
Ireland will be through the worst of the recession in 12 months time:
% agree strongly/slightly
52%
42%
41%43% 39%
48% 42%
46%
44% 43% 41% 42%43% 42%
41% 42% 30%31%
34% 31% 26% 25% 28% 26% 26% 23%
23% 24% 24% 23% 24% 26% 22% 26% 25% 27% 24%27%
25% 27% 26%
26%18% 21%
Aug
Aug
Aug
Aug
Nov
Nov
Nov
Nov
Oct
Oct
Oct
Oct
Dec
Dec
Dec
Sept
Sept
Sept
Apr'12
Sept
Apr '09
Apr '10
Apr '11
Jun
Feb
June
Feb
June
Feb
June
July
July
July
July
Jan
Jan
Jan
Mar
Mar
Mar
May
May
May
May
I am optimistic in spite of the current economic situation:
% agree strongly/slightly
61% 55%
65% 51%51% 50% 53% 51%
50% 47%
62% 48% 48% 48% 49%
48% 47% 47% 48%
57%59% 58%
60% 55% 56% 54% 54% 44% 47% 47% 45% 46%44%
52% 53% 46% 41% 42% 45%
39%
44% 43%
44%
33%
Aug
Aug
Aug
Aug
Nov
Nov
Nov
Nov
Oct
Oct
Oct
Oct
Dec
Dec
Dec
Sept
Sept
Sept
Apr'12
Sept
Apr '09
Apr '10
Apr '11
Jun
Feb
June
Feb
June
Feb
June
July
July
July
July
Jan
Jan
Jan
May
May
May
May
Mar
Mar
Mar
Source: Amárach Research, November 2012
Economic Recovery Index 6

7. Recovery Outlook 2
% of Irish adults who agree with each statement:
I feel I am financially comfortable enough to make it through the recession:
% agree strongly/slightly
50% 47%
46%
45%45%
39% 36% 40% 39% 38% 41% 42%
40% 38% 38%
51%
48%48% 47% 48%
48% 46% 47% 47% 45%
41% 37% 39% 34% 34% 38%34% 37% 36% 39% 38%
35%34%
43% 44% 41% 34%
32% 33%
Aug
Nov
Aug
Nov
Aug
Nov
Aug
Nov
Oct
Oct
Oct
Oct
Dec
Dec
Dec
Sept
Sept
Sept
Apr'12
Sept
Apr '09
Apr '10
Apr '11
Jun
Feb
June
Feb
June
Feb
June
July
July
July
July
Jan
Jan
Jan
May
May
May
May
Mar
Mar
Mar
Right now it seems like the recession is affecting other people more than it is affecting me:
% agree strongly/slightly
55%
56% 54%
52% 55%
59%62% 60% 60%
61% 61% 53% 49% 47% 50% 49% 49%
45% 45% 48% 44% 46% 45% 43%
49% 50%
45% 46% 48% 45% 43% 42%43%
45% 46% 44%
56% 53% 55%53% 50% 52%45%
51%
Aug
Nov
Aug
Nov
Aug
Nov
Aug
Nov
Oct
Oct
Oct
Oct
Dec
Dec
Dec
Sept
Sept
Sept
Apr'12
Sept
Apr '09
Apr '10
Apr '11
Jun
Feb
June
Feb
June
Feb
June
July
July
July
July
Jan
Jan
Jan
May
May
May
May
Mar
Mar
Mar
Source: Amárach Research, November 2012
Economic Recovery Index 7

8. Heads Down: 1
% of Irish adults who agree/disagree with the statement:
“I feel I am financially comfortable enough to make it through the recession”
ABC1 C2DE
November 2012 TOTAL Male Female 15-24 25-34 35-44 45-54 55+
F50+ F50-
Weighted Sample 1005 496 508 170 224 188 157 266 480 525
Strongly Agree 8% 9% 7% 13% 6% 4% 7% 10% 11% 6%
Slightly Agree 26% 24% 28% 27% 23% 24% 26% 30% 30% 23%
Neither/Nor 14% 14% 14% 15% 16% 12% 9% 16% 15% 13%
Slightly Disagree 24% 27% 20% 21% 24% 24% 26% 23% 21% 26%
Strongly Disagree 25% 23% 28% 21% 27% 31% 30% 20% 22% 28%
Source: Amárach Research, November 2012
Economic Recovery Index 8

9. Heads Down: 2
% of Irish adults – by main bank, supermarket, mobile network and daily newspaper –
who agree/disagree with the statement:
“I feel I am financially comfortable enough to make it through the recession”
Irish
Dunne Voda Irish Irish
November 2012 Total AIB BOI PTSB Tesco
Stores
Aldi O2
fone
Meteor
Times Indo
Daily
Mail
Weighted Sample 1005 338 298 154 357 159 183 245 369 202 196 198 78
Strongly Agree 8% 9% 8% 7% 10% 7% 5% 7% 8% 9% 9% 11% 6%
Slightly Agree 26% 28% 25% 27% 27% 28% 25% 23% 25% 27% 37% 27% 31%
Neither/Nor 14% 13% 15% 14% 16% 12% 11% 16% 14% 13% 12% 14% 13%
Slightly Disagree 24% 22% 27% 24% 23% 26% 24% 27% 24% 24% 26% 25% 22%
Strongly Disagree 25% 26% 22% 26% 22% 23% 32% 26% 26% 26% 14% 23% 26%
Source: Amárach Research, November 2012
Economic Recovery Index 9

10. Financial Sentiment Indicators
% of Irish adults who agree with each statement: November 2010, 2011, 2012 & October 2012
I am more relaxed about I am saving a lot more
Impact on: spending money than I than before because of the
•Spending was a few months ago recession
•Saving
•Debt 15% 16% 16% 24% 26% 25% 25%
11%
•Borrowing
Nov'10 Nov'11 Oct'12 Nov'12 Nov'10 Nov'11 Oct'12 Nov'12
Paying off debts is my I would be happy to Now is a good time to
main financial priority borrow from a bank if I buy a house for those
need to who want to
55% 56% 53%
50% 59% 62% 61%
53%
23% 25% 22%
20%
Nov'10 Nov'11 Oct'12 Nov'12 Nov'10 Nov'11 Oct'12 Nov'12 Nov'10 Nov'11 Oct'12 Nov'12
Source: Amárach Research, November 2012
Economic Recovery Index 10

11. Spendthrift: 1
% of Irish adults who agree/disagree with the statement:
“I am more relaxed about spending than I was a few months ago”
ABC1 C2DE
November 2012 TOTAL Male Female 15-24 25-34 35-44 45-54 55+
F50+ F50-
Weighted Sample 1005 496 508 170 224 188 157 266 480 525
Strongly Agree 3% 4% 2% 2% 3% 2% 4% 4% 5% 1%
Slightly Agree 13% 13% 13% 20% 13% 11% 11% 11% 11% 14%
Neither/Nor 17% 19% 15% 20% 15% 15% 15% 19% 18% 17%
Slightly Disagree 26% 26% 25% 20% 26% 27% 24% 29% 27% 24%
Strongly Disagree 40% 36% 43% 34% 41% 44% 46% 36% 37% 43%
Source: Amárach Research, November 2012
Economic Recovery Index 11

12. Spendthrift: 2
% of Irish adults – by main bank, supermarket, mobile network and daily newspaper –
who agree/disagree with the statement:
“I am more relaxed about spending than I was a few months ago”
Irish Irish
Dunne Voda Irish
November 2012 Total AIB BOI PTSB Tesco
Stores
Aldi O2
fone
Meteor Time
Indo
Daily
s Mail
Weighted Sample 1005 338 298 154 357 159 183 245 369 202 196 198 78
Strongly Agree 3% 3% 3% 3% 4% 4% 2% 2% 3% 3% 5% 4% 4%
Slightly Agree 13% 13% 11% 11% 16% 11% 9% 13% 11% 12% 13% 13% 18%
Neither/Nor 17% 16% 18% 17% 18% 16% 16% 15% 15% 19% 24% 15% 12%
Slightly Disagree 26% 27% 22% 30% 25% 25% 27% 28% 26% 26% 26% 27% 23%
Strongly Disagree 40% 39% 44% 39% 36% 42% 45% 42% 43% 39% 30% 40% 39%
Source: Amárach Research, November 2012
Economic Recovery Index 12

13. Rainy Day: 1
% of Irish adults who agree/disagree with the statement:
“I am saving a lot more than before because of the recession”
ABC1 C2DE
November 2012 TOTAL Male Female 15-24 25-34 35-44 45-54 55+
F50+ F50-
Weighted Sample 1005 496 508 170 224 188 157 266 480 525
Strongly Agree 9% 8% 9% 19% 8% 7% 7% 5% 10% 7%
Slightly Agree 16% 16% 16% 21% 22% 15% 10% 13% 18% 14%
Neither/Nor 19% 19% 19% 20% 16% 18% 17% 23% 21% 18%
Slightly Disagree 22% 21% 23% 20% 23% 21% 19% 25% 22% 22%
Strongly Disagree 32% 33% 31% 15% 28% 39% 46% 32% 26% 37%
Source: Amárach Research, November 2012
Economic Recovery Index 13

14. Rainy Day: 2
% of Irish adults – by main bank, supermarket, mobile network and daily newspaper –
who agree/disagree with the statement:
“I am saving a lot more than before because of the recession”
Irish Irish
Dunne Voda Irish
November 2012 Total AIB BOI PTSB Tesco
Stores
Aldi O2
fone
Meteor Time
Indo
Daily
s Mail
Weighted Sample 1005 338 298 154 357 159 183 245 369 202 196 198 78
Strongly Agree 9% 9% 9% 8% 10% 8% 7% 8% 7% 10% 11% 11% 8%
Slightly Agree 16% 17% 15% 18% 16% 17% 13% 14% 15% 17% 21% 19% 17%
Neither/Nor 19% 19% 19% 17% 20% 20% 19% 24% 17% 21% 23% 20% 16%
Slightly Disagree 22% 22% 23% 24% 22% 18% 23% 18% 24% 22% 23% 21% 21%
Strongly Disagree 32% 31% 31% 32% 30% 33% 37% 33% 34% 27% 21% 25% 35%
Source: Amárach Research, November 2012
Economic Recovery Index 14

15. The Mood of the Nation 1
Did you experience any of these feelings a lot of the day yesterday?
% saying Yes: April 2009 to November 2012
70%
60%
50%
40%
30%
20%
Enjoyment Happiness Stress Worry
10%
0%
Apr '09
Apr '10
Apr '11
July
July
Nov
Dec
Nov
Dec
Nov
Dec
Apr'12
July
Nov
Oct
Oct
Oct
Oct
Jun
Sept
Jan
Sept
Jan
Sept
Jan
Sept
Jul
May
June
June
Feb
Mar
Feb
May
June
Mar
Mar
Aug
Aug
Aug
Feb
Aug
May
May
Source: Amárach Research, November 2012
Economic Recovery Index 15

16. The Mood of the Nation 2
Did you experience any of these feelings a lot of the day yesterday?
% saying Yes: April 2009 to November 2012
40%
35%
30%
25%
20%
15%
10% Anxiety Sadness Pain Anger
5%
0%
July
July
July
Aug
Aug
June
Aug
June
Aug
Jun
Jul
Nov
Dec
Jan
Nov
Dec
Jan
Nov
Dec
Jan
Apr '09
Apr '10
Apr '11
Apr'12
Nov
Oct
Oct
Oct
Oct
May
Feb
May
Feb
May
Feb
May
Sept
Mar
Sept
Sept
Mar
Sept
Mar
June
Source: Amárach Research, November 2012
Economic Recovery Index 16

17. Changing Moods: 1
Did you experience any of these feelings a lot of the day yesterday?
% saying Yes: November 2012
ABC1 C2DE
November 2012 TOTAL Male Female 15-24 25-34 35-44 45-54 55+
F50+ F50-
Weighted Sample 1005 496 508 170 224 188 157 266 480 525
Enjoyment 53% 52% 53% 52% 45% 46% 52% 64% 57% 49%
Happiness 49% 44% 54% 59% 44% 42% 42% 56% 52% 47%
Stress 46% 42% 50% 62% 56% 49% 44% 26% 47% 45%
Worry 43% 41% 45% 47% 54% 36% 48% 32% 44% 41%
Anxiety 31% 29% 33% 38% 32% 30% 36% 24% 34% 29%
Boredom 26% 28% 25% 47% 27% 24% 25% 15% 23% 29%
Physical Pain 25% 27% 24% 27% 24% 20% 26% 29% 24% 27%
Sadness 21% 20% 22% 28% 21% 12% 20% 23% 21% 21%
Anger 18% 19% 17% 21% 22% 18% 17% 13% 19% 17%
Fear 12% 11% 13% 14% 16% 11% 14% 7% 13% 12%
Source: Amárach Research, November 2012
Economic Recovery Index 17

18. Changing Moods: 2
% of Irish adults – by main bank, supermarket, mobile network and daily newspaper:
did you experience any of these feelings a lot of the day yesterday? Yes: November 2012
Irish
November Dunne Voda Irish Irish
Total AIB BOI PTSB Tesco Aldi O2 Meteor Daily
2012 Stores fone Times Indo
Mail
Weighted Sample 1005 338 298 154 357 159 183 245 369 202 196 198 78
Enjoyment 49% 50% 62% 49% 53% 54% 51% 56% 50% 56% 54% 59% 49%
Happiness 48% 49% 48% 47% 54% 53% 49% 49% 53% 52% 51% 42% 48%
Stress 45% 49% 44% 44% 47% 50% 42% 44% 54% 37% 45% 43% 45%
Worry 41% 44% 43% 44% 40% 45% 39% 43% 47% 41% 43% 43% 41%
Anxiety 33% 29% 28% 33% 35% 29% 28% 32% 35% 32% 32% 30% 33%
Boredom 28% 24% 23% 28% 25% 26% 25% 24% 29% 19% 21% 31% 28%
Physical Pain 24% 24% 24% 25% 16% 29% 24% 24% 25% 23% 24% 33% 24%
Sadness 22% 25% 14% 23% 20% 22% 22% 20% 22% 20% 20% 22% 22%
Anger 20% 19% 13% 18% 12% 18% 16% 17% 19% 18% 16% 15% 20%
Fear 14% 11% 10% 12% 12% 11% 12% 11% 13% 12% 12% 14% 14%
Source: Amárach Research, November 2012
Economic Recovery Index 18

19. Drivers & Drinking
About Amárach
Amárach Research is an independent market
research agency, providing a full range of
research services to our Irish and international
clients. Amárach specialises in turning
information into insight; and insight into foresight.
Amárach’s experienced team of 30 directors and
executives manage online, face-to-face and cati
surveys (through our call centre); as well as
qualitative research including focus groups, in-
depths and ethnographic studies. We also
delivers a world class field-only service to
universities and international agencies.
Over nearly 25 years, Amárach has pioneered
innovative research techniques and reported on
Irish social, lifestyle and tech trends since the
1980s. Amárach invests heavily in understanding
current Irish consumer and business trends, and
shares numerous, free reports and presentations
via our blog and slideshare sites, linked via our
main website: www.amarach.com

20. Trends Report
Call us on 01 410 5200 if you want your business to
bounce forward to success:
Mark Nolan Managing Director
or Michael McLoughlin Chief Executive
or Gerard O’Neill Chairman
for a confidential discussion about your needs and to
explore how we can help you succeed through world
class market research.
e. gerard.oneill@amarach.com
w. www.amarach.com
b. www.amarach.com/blog
t. twitter.com/AmarachResearch