Penneys’ first ‘Pulse of the Nation’ Index has found four in ten feel like the cost of living crisis has badly affected their quality of life.
56% of people in Ireland are happy with their quality of life, but four in ten feel it's got worse in the last three months of 2022, with their finances under pressure from rising costs.
The research carried out by Amárach, shows 80% are wearing more layers to help cut down on heating costs while more than 40% have cancelled an entertainment subscription.
However, despite struggling to meet rising costs, Irish shoppers are still finding bargains and deals to treat themselves.
Chair of Amárach, Gerard O'Neill says people in Ireland haven't cut back on self-care products such as self-tan lotion.
"People are really trying to look for opportunities to treat themselves.
"Ireland makes up 60% of all Pennys' fake-tan sales.
"So people want to look good and feel good whilst there's a cost of living crisis, and Pennys' shoppers face it just like everybody else.
"They're in fact using the bargains, the deals that they can get in order to just treat themselves a little bit and enjoy life a little."
95% of people are finding 'savings hacks' to deal with the rising cost of living.
Analysis of Pennys' clothing sales shows record-breaking demand for warm cosy clothes during the colder months that can be worn at home. Sales of 'Snuddie' hooded blankets increased by 96% in the past year.
Sales of fleece-lined velvet plush leggings soared by 160% in recent months, while demand for thermal underwear is up 55%.