Irish consumers not bothering to shop around

Less than one in four Irish consumers shops around for better value when it comes to services such as gas, electricity and mobile phones, new research has found. This is despite the fact that hundreds of euros worth of savings could be made every year.

The numbers who are switching regularly has also fallen over the last two years , according to the Competition and Consumer Protection Commission (CCPC).

It suggests that 24 per cent of consumers regularly change service providers while a further 46 per cent look around for other providers, but only if they experience poor service or price.

A further 30 per cent tend to stick to the same companies irrespective of the quality of the service or the value for money on offer elsewhere.

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The CCPC research found 41 per cent of respondents had switched at least one service provider in the last 12 months, a fall of 7 per cent compared to research carried out two years ago.

Of those who had switched, 15 per cent changed their gas or electricity suppliers while 14 per cent had switched their broadband provider.

Electricity supply

The majority of consumers who switched found that they made savings averaging €20-€30 per month for each service they changed. Specific examples of savings made include an average of €287 a year on electricity supply, while those who switched broadband provider saved an annual average of €299.

In addition to household services, the research also examined switching behaviour in relation to financial services.

It found that consumers were most likely to switch their motor insurance provider but they were least likely to switch their provider when it came to mortgages, savings/investments, and credit card providers, with 34 per cent of those surveyed citing “hassle” as a barrier to switching their personal current account.

“While the research is positive in that many consumers are still actively looking for better value, it is disappointing to see that the numbers switching are down compared to the numbers found by CCPC research conducted in 2015,” said the CCPC’s Fergal O’Leary.

“It is our belief that markets work best when consumers are able and willing to seek a better deal. Our research shows that there are significant savings to be made, even if consumers switch only one or two providers. The savings made by the consumers in our survey will hopefully be an incentive to others to try to make savings of their own.”