Half of Irish consumers happy to spend extra on local products

8

A study has shown that 50 per cent of Irish consumers are happy to pay a little more for products which are locally sourced.

The research by Deloitte found that shoppers are conscious of supporting local businesses and suppliers, with a 6 per cent increase in those willing to spend more on Irish products compared to the first lockdown earlier this year.

Retailers who have responded well to the crisis also fared well with shoppers, with 40 per cent agreeing they would purchase more from these stores.

More than half of the people surveyed said they are less confident engaging in person-to-person services or going to restaurants now, rising by 1 per cent compared to during the first wave of the virus in Ireland.

Despite this, concern regarding job prospects have decreased since earlier this year, falling to 36 per cent, the same level as those who said they were worried about returning to the workplace.

Advertisement

Online sales for electronics, takeaways and footwear has all noted increases since the last round of research, rising by 12, 6 and 15 per cent respectively.

The results for the travel, hospitality and tourism were less optimistic, with a 9 per cent decrease in intent to spend on travel noted among consumers.

The socially-conscious shopper is no longer the niche market it once was.

There was also a 10 per cent decrease in the number of people planning on staying in a hotel over the next three months as confidence in staying in a hotel dropped by 3 per cent.

“While the findings of this latest wave of research paint a picture of a concerned – and therefore, cautious – consumer base, there are still opportunities for businesses to engage with customers in meaningful ways,” said Daniel Murray, head of consumer at Deloitte Ireland.

“One conclusion we can draw with confidence is that digital adoption can no longer be seen as an added extra or something that is ‘nice to have’ – an online presence is now an essential component of any business.

“Additionally, the survey findings suggest that the socially-conscious shopper is no longer the niche market it once was.

“Consumers not only expect businesses to actively align with their values – in fact, they are prepared to spend more on brands which do so,” Mr Murray added.

Source: Business News