Latest news with #IrishConsumers
Irish Times
24-06-2025
- Business
- Irish Times
Economic climate cools eco-friendly purchasing decisions
The vast majority of the Irish public, some 77 per cent of Irish consumers, expressed concern about climate change in the recent PwC Voice of the Consumer study, yet only half as many – 37 per cent – are willing to pay more for ethically conscious food. The proportion of Irish people willing to pay a premium for food that supports the environment stood below the global average of 44 per cent. Similarly, more than half of consumers would choose to buy food products from non-domestic producers if they were cheaper than a comparable Irish product. The current economic climate is cooling consumers' abilities to take account of ethics when it comes to managing their own balance sheets. 'Good' purchasing decisions are something most consumers would like to make. The notion that Irish consumers are somehow less ethically forceful when it comes to deciding what to buy is somewhat misleading though. READ MORE While it is easy to point to the glaring gap between consumers' ethical concerns and what they actually spend their money on, there are a few more statistics to consider. Some 71 per cent of Irish consumers said that they are either 'extremely' or 'very' concerned about the cost of their food, and half of consumers are similarly concerned about their own financial situations. With that in mind, the fact that nearly two in five consumers are willing to spend more money on more expensive domestic products is quite encouraging. Taoiseach Micheál Marti n seems to believe the post-pandemic cost-of-living crisis is over, saying there are no plans to introduce further cost-of-living supports in Budget 2026. Figures from this surveyshow a drop in the number of people 'extremely' or 'very' concerned about their financial situations from 58 per cent to 50 per cent. But surely if half of Irish consumers are highly concerned about their personal finances it is too soon to think the cost-of-living crisis is over? Perhaps the real issue is that consumers are too busy putting their money towards paying rising bills to have any left for those ethical purchases.
Irish Times
23-06-2025
- Business
- Irish Times
Irish people more concerned about cost of food than counterparts
Nearly three-quarters of Irish consumers are either 'extremely' or 'very' concerned about the cost of food , a higher rate than consumers in other countries, PwC's Voice of the Consumer Survey has found. Irish consumers are less willing to pay more for environmentally friendly food than people in other countries. Just 37 per cent of Irish consumers were willing to purchase food that was more expensive but improved soil quality or enhanced biodiversity. That compared with the global average of 44 per cent. While 77 per cent of consumers expressed concern about climate change , 'escalating food prices and cost-of-living challenges are constraining their ability to fulfil these aspirations,' the report said. Alongside concerns about the cost of food, value for money was considered to be the top reason for switching food brands by 63 per cent of Irish consumers. READ MORE More than half of Irish consumers are 'extremely' or 'very' concerned about health risks from ultra-processed foods or the use of pesticides in their food, 5 per cent lower than the global average. Although 36 per cent of Irish consumers are planning to significantly reduce alcohol consumption, this falls behind their counterparts at 41 per cent. However, Ireland aligned with the global average of 19 per cent when it came to reducing their consumption of red meat. Irish people order takeaway less frequently than average, just over 26 per cent of Irish respondents order takeaway at least once per week, below the average of 34 per cent. [ Ireland's grocery prices are still soaring. How can that be? Opens in new window ] Nearly half of Irish respondents, 48 per cent, said they were just financially coping and have very little to nothing left over for savings, holidays or entertainment after paying their bills, compared with 41 per cent globally. Half of Irish respondents said they were 'extremely' or 'very' concerned about their personal financial situation, though this figure was higher in the report last year when it was 58 per cent. John O'Loughlin, a partner in PwC Ireland's retail and consumer practice, said that Irish consumers, 'although wanting to eat healthily and support sustainability, are concerned about the cost of living and their ability to pay' 'At the same time, consumers are getting more savvy and are looking to stretch their budget via promotional items, discount stores and switching brands,' he said. As Irish consumers are struggling financially, they fall significantly below the global average in terms of eating out in restaurants. Just 13 per cent of consumers said they ate out in a restaurant at least once a week, compared with 29 per cent across the other markets in the survey. In health, two-thirds of Irish respondents said they were open to using a weight-loss prescription drug, a higher rate than among the global respondents to the PwC report of 61 per cent. The report found that a similar number of Irish people, 64 per cent, now used healthcare apps or wearables for exercise monitoring, mental health and sleep tracking. However, this rate was lower than the global average of 70 per cent. Yet just a fifth of people here said they were likely to change their daily habits based on the use of apps or wearable devices compared with the global average of 34 per cent. Ireland was also behind the rest of the world in terms of meal-kit delivery or food subscription services, with a take-up of less than half of the global average of 13 per cent.
Irish Times
11-06-2025
- Business
- Irish Times
Consumer spending remains strong despite global uncertainty
Irish consumers are continuing to spend despite global uncertainty and the enduring cost-of-living crisis, according to the latest spending report from Bank of Ireland. It suggests that debit and credit card spending rose by 6.5 per cent year-on-year, with consumer activity significantly outpacing the current 2 per cent rate of consumer price inflation. The data suggest that household spending remains a key driver of economic momentum, with no evidence of a slowdown in expenditure, even in categories typically sensitive to economic sentiment. Retail spending increased by 3.6 per cent, reflecting steady demand for goods including clothing, groceries and household items. READ MORE Spending on services rose by 3.7 per cent, supported by continued demand for personal care, transport, and professional services. Social spending surged by 6.4 per cent, with spending in restaurants climbing by 6.3 per cent, well above the 3.4 per cent inflation rate for this category. [ Retail sales increase as consumers enjoy real wage hike Opens in new window ] Accommodation spending also rose by 5.6 per cent, with prices in this segment remaining broadly stable. There was no sign of a decline in spending on big-ticket items such as furniture, electrical goods, airline fares, or holidays – areas that often see early cuts when consumer confidence wanes. While Irish consumer confidence dipped to two-year lows in April, according to the European Commission survey, sentiment rebounded somewhat in May. How to manage your pension in these volatile times Listen | 37:00 The decline in confidence was largely confined to concerns about the broader economic outlook. In contrast, consumer expectations regarding their intentions to make big purchases remained more resilient. Bank of Ireland said that the divergence suggests that while Irish households are aware of global risks, they are not allowing these concerns to significantly influence their day-to-day or long-term spending decisions. 'The 6.5 per cent rise in card spending in May reflects a resilient economy and a willingness to continue making key purchases,' said Bank of Ireland chief economist Conall Mac Coille 'This broad-based growth across sectors highlights the strength and stability of household consumption, even in the face of international uncertainty.' Separately, the latest Dublin Economic Monitor from the four Dublin local authorities shows 'a stable but cautious economy' being driven by growth in employment, retail spend and private sector activity, despite broader economic uncertainty. The Dublin S&P Global Purchasing Managers' Index (PMI) showed that business activity in the capital's private sector increased in the first quarter of 2025, while the city's unemployment rate fell to 4.3 per cent. According to Mastercard data, retail spending in the Dublin economy remained broadly stable in the first quarter of the year with a modest 0.2 per cent quarter-on-quarter increase recorded in the first three months of the year. In the residential sector, the pipeline of new housing supply in Dublin continued to fall sharply, however.
