The document provides an overview of Amárach Research's Economic Recovery Index from April 2009 to May 2012. Some key findings include: - The Economic Recovery Index remained flat at 20.2 in May 2012, down slightly from 22.3 in March 2012, indicating perceptions of economic recovery have stabilized. - Nearly half of Irish adults believe the economic situation is getting worse or bad but stabilized, while about a quarter see slight signs of improvement. - Over half remain optimistic that Ireland will be through the worst of the recession in 12 months, though financial worries persist for many. - Happiness and enjoyment remain the most commonly reported emotions, though stress, worry and anxiety also affect significant portions of the

1. Economic Recovery Index
An Amárach Research Briefing
May 2012
Economic Recovery Index © Amárach Research1

2. 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
May 2012.
The most recent fieldwork was conducted
during 19th to 23rd May 2012 inclusive.
Economic Recovery Index 2

3. 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)
The consumer outlook has remained relatively unchanged from April to May:
Apr’12: 0% May’12: 0%
Apr’12: 3% May’12: 2%
Apr’12: 49% May’12: 48% Apr’12: 21% May’12: 24%
Apr’12: 27% May’12: 26%
Economic Recovery Index 3

4. 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 remained flat at 20.2 in May, down from a recent high of 22.3 in March 2012:
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
'09 '10 '11 '12 '12
Source: Amárach Research, May 2012
Economic Recovery Index 4

5. The Stages of Recovery
Perceptions of the current stage of recovery by demographic group:
ABC1 C2DE
May 2012 TOTAL Male Female 15-24 25-34 35-44 45-54 55+
F50+ F50-
Weighted Sample 1004 496 508 170 224 188 157 266 479 525
The economic
situation in Ireland is 47% 47% 46% 32% 42% 51% 55% 52% 42% 51%
getting worse
The economic
situation is bad but 26% 26% 25% 31% 30% 28% 24% 18% 28% 23%
has stabilized
The economic
situation is bad but
23% 23% 23% 30% 22% 19% 16% 25% 26% 20%
showing a few signs of
improvement
The economic
situation is getting
better and showing 2% 2% 2% 1% 3% 1% 2% 3% 2% 2%
clear signs of
improvement
The economic
situation is good and * * * 0 1% 1% 0 0 * *
almost fully recovered
from the recession
Source: Amárach Research, May 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%
44% 42% 46%
41% 43% 41% 42% 43% 42%42% 28% 30%31%
34% 31% 23%26%24%25%24% 23%26%24%26%26%23%22%21%26% 25%
26% 18%
Aug
Nov
Aug
Nov
Aug
Nov
Oct
Oct
Oct
Dec
Dec
Dec
Apr'12
Sept
Sept
Sept
Apr '09
Apr '10
Apr '11
Jun
Feb
June
Feb
June
Feb
July
July
July
Jan
Jan
Jan
May
May
May
May
Mar
Mar
Mar
I am optimistic in spite of the current economic situation:
% agree strongly/slightly
61% 54%55%
65% 55% 53%
57% 59% 58% 60% 62% 51% 48% 48%47% 47%48%48%47%49% 50%51%
47%
51% 52% 53%
55%54% 50% 46% 41% 44% 42%39%45%44%
44%
33%
Aug
Nov
Aug
Nov
Aug
Nov
Oct
Oct
Oct
Dec
Dec
Dec
Apr'12
Sept
Sept
Sept
Apr '09
Apr '10
Apr '11
Jun
Feb
June
Feb
June
Feb
July
July
July
May
May
May
May
Mar
Mar
Mar
Jan
Jan
Jan
Source: Amárach Research, May 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%
45%45% 41%41% 41%40%42%
39%37%36%39%40% 39%
51% 47% 48%
48% 48% 48% 46%
47% 43%47% 45% 46% 32%34% 34% 34%38%38%34%33%37% 38%
45%
Aug
Nov
Aug
Nov
Aug
Nov
Oct
Oct
Oct
Dec
Dec
Dec
Sept
Sept
Sept
Apr'12
Apr '09
Apr '10
Apr '11
June
June
Jun
Feb
Feb
Feb
July
July
July
May
May
May
May
Mar
Mar
Mar
Jan
Jan
Jan
Right now it seems like the recession is affecting other people more than it
is affecting me: % agree strongly/slightly
62% 61%60% 61% 60%
56% 53%
56%55% 55% 55% 53%
59% 49%45%47%48%50% 49%46%49%45%45% 49%48%50%
52% 54% 52% 45%45% 44% 43%46% 45%
53% 51% 50%
Aug
Nov
Aug
Nov
Aug
Nov
Oct
Oct
Oct
Dec
Dec
Dec
Sept
Sept
Sept
Apr'10
Apr'12
Apr '09
Apr '11
June
June
Jun
Feb
Feb
Feb
July
July
July
May
May
May
May
Mar
Mar
Mar
Jan
Jan
Jan
Source: Amárach Research, May 2012
Economic Recovery Index 7

8. Recovery Outlook 3
% of Irish adults who agree with each statement:
The news from other countries makes me more confident the recession
will end soon: % agree strongly/slightly
46% 35% 36%
43% 43%42% 30%
40% 39% 33% 25% 21% 17% 25% 20% 23% 24%
35% 28% 27% 16% 16% 15% 13% 12% 12% 16%
11% 14%
18% 20%
14%
Nov
Aug
Nov
Aug
Nov
Oct
Oct
Dec
Dec
Dec
Sept
Sept
Apr'12
Apr '10
Apr '11
June
June
Feb
Feb
Feb
Oct '09
July
July
May
May
May
Mar
Mar
Mar
Jan
Jan
Jan
I am less worried about losing my job than I was before:
% agree strongly/slightly
22% 21% 22% 21% 18% 23% 20% 21%21% 18% 18% 17% 21% 17% 19% 22% 25%
16% 15% 15% 18% 15% 15% 19% 19%
22% 20% 17%
20% 15% 17%
13%
Nov
Aug
Nov
Aug
Nov
Oct
Oct
Dec
Dec
Dec
Sept
Sept
Apr'10
Apr'12
Apr '11
June
June
Feb
Feb
Feb
Oct '09
July
July
May
May
May
Mar
Mar
Mar
Jan
Jan
Jan
Source: Amárach Research, May 2012
Economic Recovery Index 8

9. Financial Sentiment Indicators
% of Irish adults who agree with each statement: May 2011, 2012 & April 2012
I am more relaxed about I am saving a lot more
spending money than I than before because of
Impact on: was a few months ago the recession
•Spending
•Saving
30%
•Debt 17% 20% 18% 26% 27%
•Borrowing
May'11 Apr'12 May'12
May'11 Apr'12 May'12
Now is a good time to
Paying off debts is my I would be happy to buy a house for those
main financial priority borrow from a bank if I who want to
need to
61% 59% 62% 66%
56% 60%
26% 28% 27%
May'11 Apr'12 May'12 May'11 Apr'12 May'12 May'11 Apr'12 May'12
Source: Amárach Research, May 2012
Economic Recovery Index 9

10. Feeling Flaithulach
% of Irish adults who agree/disagree with the statement:
“I am more relaxed about spending money than I was a few months ago”
ABC1 C2DE
May 2012 TOTAL Male Female 15-24 25-34 35-44 45-54 55+
F50+ F50-
Weighted Sample 1004 496 508 170 224 188 157 266 479 525
Strongly Agree 9% 10% 8% 8% 7% 5% 6% 14% 10% 8%
Slightly Agree 30% 31% 28% 31% 33% 25% 24% 33% 36% 24%
Neither/Nor 13% 15% 11% 16% 14% 12% 10% 11% 12% 13%
Slightly Disagree 20% 19% 22% 22% 21% 23% 20% 17% 20% 20%
Strongly Disagree 26% 25% 28% 20% 22% 32% 39% 23% 20% 32%
Source: Amárach Research, May 2012
Economic Recovery Index 10

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

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

13. Changing Moods
Did you experience any of these feelings a lot of the day yesterday?
% saying Yes: May 2012
ABC1 C2DE
May 2012 TOTAL Male Female 15-24 25-34 35-44 45-54 55+
F50+ F50-
1004 496 508 170 224 188 157 266 479 525
Enjoyment 56% 57% 55% 58% 53% 53% 58% 59% 61% 52%
Happiness 53% 50% 57% 63% 59% 50% 43% 50% 55% 51%
Stress 45% 38% 51% 56% 48% 46% 45% 33% 47% 42%
Worry 38% 33% 43% 41% 39% 40% 41% 32% 39% 37%
Anxiety 30% 29% 31% 33% 34% 26% 31% 26% 33% 27%
Boredom 25% 24% 26% 42% 31% 22% 17% 16% 25% 25%
Physical Pain 21% 22% 21% 18% 21% 17% 21% 26% 20% 22%
Sadness 19% 16% 23% 21% 27% 17% 18% 15% 18% 21%
Anger 17% 16% 18% 21% 25% 13% 15% 11% 16% 18%
Fear 10% 10% 10% 13% 11% 9% 9% 8% 10% 10%
Source: Amárach Research, May 2012
Economic Recovery Index 13

14. News From Abroad
Developments in Europe once again haunt the
Irish consumer psyche – the percentage
agreeing that news from abroad makes them
expect recovery soon is right back down to all
time low levels.
But our measures of emotional resilience
appear at least to have stabilised: happiness
and enjoyment still dominate, and stress and
worry are no longer converging with the more
positive emotions.
For Irish marketers, the key task will be to
navigate the uncertainty caused by the
unfolding crisis in Europe, using Irish consumer
resilience to unlock their purses and wallets
rather than live in dread of more rainy days.
A sunny summer will help…
Economic Recovery Index 14

15. Let’s Get Visual
If you find Amárach’s Economic
Recovery Index useful (and we
know many of you do) then you
might be interested in our data
visualisation initiative with
Delphi Analytics.
We have partnered to create
an extraordinarily powerful
resource online – for free – to
enable marketers and others to
look at the historical trend in
the ERI going back to April
2009 by demographic group,
main bank etc.
Find out more here:
http://delphianalytics.ie/visual-
analytics/economic-recovery-index/
Economic Recovery Index 15

16. Drivers & Drinking
About Amárach Research
We are an independent market research
agency, providing a full range of research
services to our Irish and international
clients. We specialise in turning information
into insight; and insight into foresight.
Our experienced team of directors and
executives manage online, face-to-face and
cati surveys; as well as qualitative research
including focus groups, in-depths and
ethnographic studies. We also offer a
unique field-only service to universities and
international agencies.
Amárach Research is proud to be:

17. 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