The document summarizes the results of an Economic Recovery Index survey conducted in Ireland from April 2009 to January 2012. Key findings include: - The January 2012 ERI score was 15.4, up slightly from December 2011, indicating perceptions that the economic situation remains relatively unchanged and is still bad. - A majority (58%) believe the economic situation is getting worse, while 24% say it has stabilized but remains bad. - Levels of optimism about the future and personal financial comfort have declined slightly since late 2011. Saving rates remain high due to recession pressures. - Happiness and enjoyment continue to be the most commonly reported emotions, demonstrating Irish emotional resilience despite economic challenges.

1. Economic Recovery Index
An Amárach Research Briefing
January 2012
© 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
January 2012.
The most recent fieldwork was conducted
during 18th-25th January 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 remains relatively unchanged since the end of 2011:
Dec’11: 0% Jan’12: 0%
Dec’11: 2% Jan’12: 2%
Dec’11: 59% Jan’12: 58% Dec’11: 15% Jan’12: 16%
Dec’11: 24% Jan’12: 24%
Economic Recovery Index 3

4. The Stages of Recovery
Perceptions of the current stage of recovery by demographic group:
ABC1 C2DE
JANUARY 2012 TOTAL Male Female 15-24 25-34 35-44 45-54 55+
F50+ F50-
Weighted Sample 1003 496 507 170 224 188 156 266 479 525
The economic
situation in Ireland is 57% 55% 58% 42% 53% 64% 62% 60% 53% 60%
getting worse
The economic
situation is bad but 24% 24% 23% 30% 25% 24% 21% 21% 26% 22%
has stabilized
The economic
situation is bad but
15% 16% 15% 20% 17% 7% 15% 18% 18% 14%
showing a few signs of
improvement
The economic
situation is getting
better and showing 1% 1% 1% 2% 1% 2% 0 1% 1% 1%
clear signs of
improvement
The economic
situation is good and 1% 1% * 1% * 0 1% * 1% *
almost fully recovered
from the recession
Source: Amárach Research, January 2012
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 January 2012, the ERI stood at 15.4, up marginally from December‟s 15.1:
30
25
20
15
10
5
0
Apr '09 July Sept Nov Jan Mar May July Sept Nov Jan Mar May July Sept Nov Jan '12
Source: Amárach Research, January 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%
41%44% 42%43%
46% 41% 42% 43% 42% 42% 28%
34% 31% 23% 26% 24% 25% 24% 23% 26% 24% 26% 26% 23% 22%
21%
26% 18%
May
May
May
Dec
Dec
Dec
July
July
July
Sept
Sept
Sept
Jun
Feb
Feb
Jan'12
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% 45%
55% 54%52% 53% 46% 41% 44% 42% 39%
51% 50% 44%
33%
May
May
May
Dec
Dec
Dec
July
July
July
Sept
Sept
Sept
Jun
Feb
Feb
Jan'12
Oct
Mar
Oct
Mar
Oct
Apr '09
Apr '10
Apr '11
Nov
Nov
Nov
June
June
Aug
Aug
Aug
Jan
Jan
Source: Amárach Research, January 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% 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%
37%
45%
May
May
May
Dec
Dec
Dec
July
July
July
Jun
Sept
Feb
Sept
Feb
Sept
Apr '09
Apr '10
Apr '11
Jan'12
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% 46%
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
Jan'12
Oct
Mar
Oct
Mar
Oct
Apr'10
Nov
Nov
Nov
June
June
Aug
Aug
Aug
Jan
Jan
Source: Amárach Research, January 2012
Economic Recovery Index 7

8. Running Out of Road
% of Irish adults who agree/disagree with the statement:
“I am financially comfortable enough to make it through the recession”
ABC1 C2DE
JANUARY 2012 TOTAL Male Female 15-24 25-34 35-44 45-54 55+
F50+ F50-
Weighted Sample 1003 496 507 170 224 188 156 266 479 525
Strongly Agree 8% 7% 9% 9% 10% 4% 5% 10% 11% 6%
Slightly Agree 29% 30% 29% 29% 32% 24% 29% 32% 34% 26%
Neither/Nor 12% 14% 10% 21% 11% 14% 7% 9% 13% 11%
Slightly Disagree 21% 23% 20% 16% 20% 24% 22% 24% 21% 22%
Strongly Disagree 26% 24% 29% 22% 24% 33% 33% 23% 20% 32%
Source: Amárach Research, January 2012
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%12%
18% 20% 11%
14%
May
May
Dec
Dec
Dec
July
July
Oct '09
Feb
Sept
Feb
Sept
Apr '10
Apr '11
Jan'12
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%15%
22% 20% 17%
20% 15% 17%
13%
May
May
Dec
Dec
Dec
July
July
Oct '09
Feb
Sept
Feb
Sept
Apr '11
Jan'12
Mar
Oct
Mar
Oct
Apr'10
Nov
Nov
Nov
June
June
Aug
Aug
Jan
Jan
Source: Amárach Research, January 2012
Economic Recovery Index 9

10. Financial Sentiment Indicators
% of Irish adults who agree with each statement: January 2010, 2011, 2012 & December 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
26% 27%
•Debt 21%
13% 14% 14% 22% 24%
•Borrowing
Jan'10 Jan'11 Dec'11 Jan'12 Jan'10 Jan'11 Dec'11 Jan'12
Paying off debts is my Now is a good time to
I would be happy to buy a house for those
main financial priority borrow from a bank if I who want to
need to
60% 59% 56% 57% 66%
58% 61%
54%
29% 22% 22% 24%
Jan'10 Jan'11 Dec'11 Jan'12 Jan'10 Jan'11 Dec'11 Jan'12 Jan'10 Jan'11 Dec'11 Jan'12
Source: Amárach Research, January 2012
Economic Recovery Index 10

11. Rainy Day Syndrome
% of Irish adults who agree/disagree with the statement:
“I am saving a lot more than before because of the recession”
ABC1 C2DE
JANUARY 2012 TOTAL Male Female 15-24 25-34 35-44 45-54 55+
F50+ F50-
Weighted Sample 1003 496 507 170 224 188 156 266 479 525
Strongly Agree 8% 9% 8% 16% 12% 8% 3% 4% 8% 9%
Slightly Agree 16% 18% 14% 23% 21% 17% 9% 10% 18% 14%
Neither/Nor 20% 18% 22% 21% 15% 15% 22% 24% 21% 19%
Slightly Disagree 19% 21% 17% 19% 16% 20% 21% 18% 20% 18%
Strongly Disagree 36% 32% 40% 18% 34% 40% 44% 42% 33% 39%
Source: Amárach Research, January 2012
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 January 2012
70%
60%
50%
40%
30%
20%
Enjoyment Happiness Stress Worry
10%
0%
Oct
Oct
Oct
Sept
Sept
Sept
Jul
Jan '12
Feb
Feb
May
Jun
Jan
Jan
July
July
Nov
Dec
Nov
Dec
Nov
Dec
June
June
Apr '09
Mar
Apr '10
Mar
Apr '11
Aug
Aug
Aug
May
May
Source: Amárach Research, January 2012
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 January 2012
40%
35%
30%
25%
20%
15%
10%
Anxiety Sadness Pain Anger
5%
0%
Feb
Feb
Jun
Oct
Jan
Oct
Jan
Oct
Sept
Sept
Sept
May
May
May
July
July
Nov
Dec
Nov
Dec
Nov
Dec
Aug
Aug
Aug
Mar
Mar
Apr '11
Jul
Jan '12
Apr '09
Apr '10
June
June
Source: Amárach Research, January 2012
Economic Recovery Index 13

14. Changing Moods
Did you experience any of these feelings a lot of the day yesterday?
% saying Yes: January 2012
ABC1 C2DE
JANUARY 2012 TOTAL Male Female 15-24 25-34 35-44 45-54 55+
F50+ F50-
Weighted Sample 1003 496 507 170 224 188 156 266 479 525
Happiness 52% 52% 52% 63% 51% 47% 46% 52% 54% 49%
Enjoyment 50% 51% 50% 53% 49% 41% 48% 59% 53% 48%
Stress 43% 43% 44% 54% 45% 50% 42% 32% 40% 47%
Worry 43% 41% 44% 42% 49% 43% 42% 37% 41% 44%
Anxiety 32% 31% 32% 31% 29% 37% 31% 31% 31% 32%
Boredom 29% 29% 28% 49% 34% 25% 19% 19% 28% 30%
Physical Pain 22% 21% 23% 22% 14% 24% 26% 24% 20% 24%
Sadness 20% 18% 23% 27% 18% 17% 17% 22% 18% 22%
Anger 17% 18% 15% 22% 17% 22% 14% 12% 16% 17%
Fear 12% 13% 11% 15% 12% 13% 8% 12% 9% 15%
Source: Amárach Research, January 2012
Economic Recovery Index 14

15. Recovery State of Mind
Our first Economic Recovery Index for 2012
points to a continuation of consumer sentiment
and behaviours from late 2011.
Overall, there has been some improvement is a
few of the indicators – e.g.: a bounce back in
the percentage optimistic despite the recession.
We have extended our analysis of components
of the ERI to include social class as well as age
and gender – and the differences are marked.
The message is clear: businesses targeting
Irish consumers this year will have to segment
their target market – not just in terms of
standard demographics, but also in terms of
states of mind.
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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