Some 53% of Irish consumers state that they are using money-off vouchers and coupons to save money amidst rising inflation, a new study by Talon, conducted alongside Spark Market Research, has found.
In addition, some 71% of Irish consumers say they are spending more on their weekly shop than they were this time last year.
A third of respondents said that they are opening €51 or more on their main weekly grocery shop, with spending highest among shoppers between the ages of 45-54.
The findings indicated that consumers in the older age cohort are the most financially secure, while those in their late 20s and early 30s are feeling the pinch the most.
Feeling The Pressure
“Irish consumers are continuing to feel the pressure of the cost-of-living crisis, with many shifting their shopping habits as we become savvier and more selective in our spending," commented Caroline Decourcy, insights director at Talon in Ireland.
"However, there are still ways for brands and retailers to reach consumers effectively. This can be particularly impactful through targeted out-of-home (OOH) advertising with value-based messaging that is driven by data insights to reach the right shoppers, at the right time in their purchasing journey and in the right environments.”
Read More: Irish Grocery Retailers See Highest Footfall Since March 2020: Kantar
Shopping Around
Other findings from the study include that 54% of Irish shoppers have switched from their main grocery provider as the cost of living crisis bites – with close to two-thirds (63%) shopping in two to three grocery stores a week – while 54% said that they are purchasing private-label items over brands as they seek to save money.
Shoppers are more likely to opt for brands in the alcohol (63%), hot and soft drinks (58%) and confectionery (47%), categories, the study found.
Read More: Ireland's Labour Party Calls On Government To Investigate 'Price Gouging'
© 2023 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
