The PwC Voice of the Consumer Survey has revealed increasing financial concerns amongst Irish consumers, with 58% expressing significant worry about their personal finance situation, an increase from 49% the previous year. It has been observed that more than six out of ten individuals are cutting back on discretionary spending, up from the 57% reported last year, with the survey having polled over 1,000 individuals.
The survey further revealed that 84% of respondents feel the direct impact of climate change’s disruptive effects in their day-to-day activities, with 43% affirming that they have been purchasing more eco-friendly products. However, ongoing cost-of-living pressures still impact these sustainability-focused consumers, as stated by PwC.
Despite a decrease in inflation, the sting of high prices is still felt by consumers as suggested by the survey. Four out of ten pointed to increasing prices as a significant threat to their consumer behaviours. This figure is noticeably higher than the 31% global average presented in the worldwide study by the professional service mammoth.
John O’Loughlin, a partner in PwC Ireland’s retail and consumer practice commented, “Irish consumers are perpetually under pressure from inflation and escalating prices”. He emphasises the importance of value, as almost half the Irish consumers are looking for higher value for money while thinking of switching from their current brands. He further added that companies would need to carefully balance affordability with environmental impact in order to retain their existing customers and attract new ones, while also beefing up their digital outreach and service delivery, especially since there’s an increase in purchases made through social media.
The study revealed that 80% of Irish consumers are troubled about climate change, compared to the 85% of consumers worldwide. Half of them confirmed that having an independent sustainability rating on food products would be beneficial in their shopping decisions, while 42% actively search for the sustainability credentials of a food product. These findings further highlight the increasing need for comprehensive and clear product sustainability information, as stated by PwC.
Additionally, the survey found that in the next three years, 42% of Irish consumers would consider owning a hybrid vehicle, and one in five would contemplate acquiring an electric car.
While technology platforms continue to hold sway over purchasing choices, they also ring alarm bells, with nearly three-quarters of Irish consumers expressing apprehensions about their privacy and data sharing, as noted by PwC.