A survey of 1,000 Irish adults about their views on the economy, on spending and saving, and on their emotional wellbeing.

1. Economic Recovery Index
An Amárach Research Briefing
December 2011
© Amárach Research
Economic Recovery Index 1

2. The Emotional Recovery
We have been reporting our monthly
Economic Recovery Index since April 2009.
We set out two 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
December 2011.
The most recent fieldwork was conducted
during 9th-15th December 2011 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)
December 2011 saw a continuing deterioration in perceptions about the economy:
Nov’11 0% Nov’11 0%
Nov’11 2% Dec’11 2%
Nov‘11 57% Dec‘11 59% Nov’11 17% Dec’11 15%
Nov’11 24% Dec’11 24%
Economic Recovery Index 3

4. The Stages of Recovery
Perceptions of the current stage of recovery by demographic group:
December 2011 Male Female 15-24 25-34 35-44 45-54 55+
The economic situation in
Ireland is bad & getting 58% 55% 60% 39% 49% 67% 71%
worse
The economic situation is
23% 24% 23% 36% 26% 19% 17%
bad but has stabilized
The economic situation is
bad but showing a few 15% 16% 13% 17% 16% 12% 11%
signs of improvement
The economic situation is
getting better and showing 2% 4% 1% 3% 5% 1% 0%
clear signs of improvement
The economic situation is
good and almost fully
0% 0% 0% 0% 0% 0% 0%
recovered from the
recession
Source: Amárach Research, December 2011
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).
In December 2011, the Recovery Indicator fell back to its level at the start of the year:
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
'09 '10 '11
Source: Amárach Research, December 2011
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%
41%44% 42%43%
46% 41% 42% 43% 42% 28%
34% 31% 23% 26% 24% 25% 24% 23% 26% 24% 26% 26% 23%
22%
26% 18%
May
May
May
Dec
Dec
Dec
July
July
July
Sept
Sept
Sept
Jun
Feb
Feb
Oct
Mar
Oct
Mar
Oct
Apr '09
Apr '10
Apr '11
Jan
Jan
Nov
Nov
Nov
June
June
Aug
Aug
Aug
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%
55% 54%52% 53% 46% 41% 44% 42%
51% 50% 44% 39%
33%
May
May
May
Dec
Dec
Dec
July
July
July
Sept
Sept
Sept
Jun
Feb
Feb
Oct
Mar
Oct
Mar
Oct
Apr '09
Apr '10
Apr '11
Nov
Nov
Nov
June
June
Aug
Aug
Aug
Jan
Jan
Source: Amárach Research, December 2011
Economic Recovery Index 6

7. Recovery On Hold
% of Irish adults who agree/disagree with the statement:
“Ireland will be through the worst of the recession in 12 months time”
December 2011 Male Female 15-24 25-34 35-44 45-54 55+
Strongly Agree 7% 9% 5% 12% 13% 5% 3%
Slightly Agree 15% 14% 16% 29% 18% 11% 10%
Neither/Nor 8% 9% 6% 9% 8% 10% 6%
Slightly Disagree 24% 21% 26% 27% 24% 25% 21%
Strongly Disagree 43% 44% 42% 15% 31% 48% 60%
Source: Amárach Research, December 2011
Economic Recovery Index 7

8. 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% 39% 37% 36% 39% 40% 39%
48% 48%51% 47%48% 48%46%
47% 43%47% 45% 46% 32% 34% 34% 34% 38% 38% 34%
33%
45%
May
May
May
Dec
Dec
Dec
July
July
July
Jun
Sept
Feb
Sept
Feb
Sept
Apr '09
Apr '10
Apr '11
Oct
Mar
Oct
Mar
Oct
Nov
Nov
Nov
June
June
Aug
Aug
Aug
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% 56% 55%53% 55% 55% 53%
59% 49% 45% 47% 48% 50% 49% 46% 49% 45% 45%
52% 54% 52% 45% 45% 44% 43%
53% 51% 50%
May
May
May
Dec
Dec
Dec
July
July
July
Jun
Sept
Feb
Sept
Feb
Sept
Apr '09
Apr '11
Oct
Mar
Oct
Mar
Oct
Apr'10
Nov
Nov
Nov
June
June
Aug
Aug
Aug
Jan
Jan
Source: Amárach Research, December 2011
Economic Recovery Index 8

9. 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%
35% 28% 27% 16% 16% 15% 13%12%
18% 20% 11%
14%
May
May
Dec
Dec
Dec
July
July
Oct '09
Feb
Sept
Feb
Sept
Apr '10
Apr '11
Mar
Oct
Mar
Oct
Nov
Nov
Nov
June
June
Aug
Aug
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%
16% 15% 15% 18%15%
22% 20% 17%
20% 15% 17%
13%
May
May
Dec
Dec
Dec
July
July
Oct '09
Feb
Sept
Feb
Sept
Apr '11
Mar
Oct
Mar
Oct
Apr'10
Nov
Nov
Nov
June
June
Aug
Aug
Jan
Jan
Source: Amárach Research, November 2011
Economic Recovery Index 9

10. Financial Sentiment Indicators
% of Irish adults who agree with each statement: December 2009, 2010, 2011 & November 2011
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
•Debt 17% 11% 16% 14%
26% 23% 26% 27%
•Borrowing
Dec'09 Dec'10 Nov'11 Dec'11 Dec'09 Dec'10 Nov'11 Dec'11
Paying off debts is my Now is a good time to
main financial priority I would be happy to buy a house for those
borrow from a bank if I who want to
need to
57% 58% 55% 56%
60% 55% 59% 54%
29% 23% 22%
21%
Dec'09 Dec'10 Nov'11 Dec'11 Dec'09 Dec'10 Nov'11 Dec'11 Dec'09 Dec'10 Nov'11 Dec'11
Source: Amárach Research, December 2011
Economic Recovery Index 10

11. Reluctant Shoppers
% of Irish adults who agree/disagree with the statement:
“I am more relaxed about spending money than I was a few months ago”
December 2011 Male Female 15-24 25-34 35-44 45-54 55+
Strongly Agree 4% 5% 3% 6% 7% 3% 2%
Slightly Agree 10% 10% 9% 13% 14% 4% 6%
Neither/Nor 14% 14% 13% 18% 15% 12% 11%
Slightly Disagree 26% 25% 26% 27% 24% 29% 26%
Strongly Disagree 46% 44% 48% 35% 38% 51% 56%
Source: Amárach Research, December 2011
Economic Recovery Index 11

12. The Mood of the Nation 1
Did you experience any of these feelings a lot of the day yesterday?
% saying Yes: April 2009 to December 2011
70%
60%
50%
40%
30%
20%
Enjoyment Happiness Stress Worry
10%
0%
Feb
Feb
Oct
Oct
Oct
Jun
Nov
Jan
July
Nov
Jan
July
Nov
Dec
Dec
Dec
June
June
Apr '09
Aug
Apr '10
Aug
Apr '11
Aug
Sept
Sept
Sept
Jul
May
Mar
Mar
May
May
Source: Amárach Research, December 2011
Economic Recovery Index 12

13. The Mood of the Nation 2
Did you experience any of these feelings a lot of the day yesterday?
% saying Yes: April 2009 to December 2011
40%
35%
30%
25%
20%
15%
10%
Anxiety Sadness Pain Anger
5%
0%
Feb
Feb
Jun
Sept
Oct
Sept
Oct
Sept
Oct
Jan
Jan
May
May
May
July
July
Nov
Dec
Nov
Dec
Nov
Dec
Aug
Aug
Aug
Mar
Mar
Jul
Apr '11
Apr '09
Apr '10
June
June
Source: Amárach Research, December 2011
Economic Recovery Index 13

14. The Mood of the Nation 3
Did you experience any of these feelings a lot of the day yesterday?
% saying Yes: December 2011
All Adults Male Female 15-24 25-34 35-44 45-54 55+
Enjoyment 52% 52% 51% 51% 47% 52% 44% 60%
Happiness 48% 46% 51% 57% 45% 51% 42% 48%
Stress 46% 45% 48% 56% 50% 55% 45% 31%
Worry 45% 42% 49% 43% 53% 52% 46% 35%
Anxiety 34% 32% 37% 46% 30% 38% 32% 28%
Boredom 22% 22% 23% 39% 26% 19% 16% 14%
Physical
21% 20% 23% 23% 17% 21% 23% 23%
Pain
Sadness 20% 17% 23% 23% 19% 22% 20% 17%
Anger 19% 21% 18% 23% 25% 22% 15% 13%
Fear 14% 15% 14% 12% 18% 19% 15% 10%
Source: Amárach Research, December 2011
Economic Recovery Index 14

15. Dealing With Uncertainty
Our final Economic Recovery Index for 2011
sees a continuation of the negative shift noted in
recent months.
Although Irish consumers continue to be
emotionally resilient, they are also increasingly
financially cautious.
Looking ahead to Q1 2012, it is clear that only
certain sub-segments of the population are
„insulated‟ from the uncertainties we all face.
Businesses looking for domestic growth
opportunities will need to refocus on those
consumer groups that are ready, willing and able
to buy – despite the economy.
We will bring you more insights into domestic
opportunities for growth in 2012...
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.
Our team of 30 research & support staff have
worked with most of Ireland‟s top 200
companies. Every year we survey over
100,000 people at home and abroad, as well
as running hundreds of focus groups.
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
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