67% of consumers now believe that price is more important to them than brand names, compared to 58% in 2010, according to a new Bord Bia study.
In addition, consumers are taking extra care when making purchases, with 72% of people increasingly likely to spend time researching a product before making a purchase (up from 67% in 2010).
The 'Irish Consumer 2015’ study found that today's consumer is empowered, self-reliant and seeking life balance. The results of the study, undertaken in conjunction with The Futures Company, were presented to 100 representatives from Irish food and drink companies at Bord Bia headquarters in Dublin.
The report also shows that perceptions of the economy are improving with over one in two people (51%) believing that “things are going well financially in Ireland”. This has risen from a low of 8% in 2011.
56% of respondents feel that their personal financial situation is healthy nowadays, up from 46% in 2011 and well above the global average of 40%.
The report says that levels of trust towards brands have significantly decreased meaning consumers are becoming more self-reliant and to make more considered purchases. 37% would seek help from experts or professionals when making a purchase.
© 2015 - Checkout Magazine by Niall Swan