Bord Bia Profiles New Irish Consumer In 2015 Report
Bord Bia has released the results of its new study ‘The Irish Consumer 2015’, undertaken in conjunction with The Futures Company, revealing that today’s consumer is empowered, self-reliant and seeking life balance.
Key findings in the report show that perceptions of the economy are improving with 51% of those surveyed believing that “things are going well financially in Ireland”, up from a low of 8% in 2011.
Consumers’ attitudes to their personal financial situation has also improved with 56% saying that things are going well for them at the moment, up from 46% in 2011 and comparing favourably on a global scale, where less than 40% feel good about their financial situation.
Alongside changed in attitudes to finance, the reports also highlights key developments in the consumer agenda, influenced by a range of factors.
Speaking at the event Helen King, Bord Bia’s Director of Consumer Insight, commented; “Ireland has experienced huge changes in the past decade at social, economic and technological levels which have impacted on consumer attitudes.
“Insight such as this assists companies to be future-focused and consumer-driven to anticipate changes in people’s lives, whilst allowing the business to make plans for change and act as a catalyst for innovation,” she added.
Consumers have become more critical and less trusting of brands and institutes, and this has created a desire for self-reliance and led shoppers to make more considered purchase choices, with 72% finding themselves more likely to spend time researching a product before buying it. Furthermore, 67% now consider price more important than brand names, compared to only 58% in 2010.
As people live increasingly time-pressured and complex lives, they realise the importance of disconnecting and finding balance. More than 40% say that it is hard to find space in their lives to think and reflect. Younger age groups are finding it the most difficult to switch off, with 55% of 16 to 24-year-olds struggling to do so.
The need for a high quality of life seems to be overtaking the value of material possessions for many consumers. Only 17% o Irish people think they would be happier if they had more material possession. Instead, 94% agree that good health is a sign of success, and that same amount feel that way about being debt-free, compared to only 54% globally.
What Bord Bia calls ‘the spirit of togetherness’ remains strong, with 95% of those surveyed reporting that they know someone that can rely on in a time of need, with 92% viewing being a dutiful member of the family as a sign of success.
Irish consumers also believe in the power of ‘us’ with 74% of people believing that groups of individuals making small changes can make a difference in the world, compared to 61% globally.
However, the concept of ‘global citizenship’ would not appear to be a priority for Irish consumers, with 60% saying we should prioritise the interests of our country over those of the wider world.
© 2015 - Checkout Magazine by Jenny Whelan.