Latest news with #JohnO'Loughlin
Irish Examiner
10 hours ago
- Business
- Irish Examiner
Irish households grapple with soaring food costs
More than 70% of Irish consumers said they are either extremely or very concerned about the cost of their food, significantly outpacing global counterparts, new figures from PwC show. Grocery prices increased almost 5% in the past year, with the rate of inflation rising by 2.4 percentage points to 4.96%. Latest data from Kantar shows Irish shoppers spent an extra €73m on groceries last month, with the warmer weather, longer days and time spent outdoors driving consumer spending. In response to rising prices, almost two-thirds of Irish consumers are now considering 'better value for money' as the top reason for switching food brands. In addition, some 41% of Irish respondents reported that they tend to buy budget or value brands. Most recent data from the Central Statistics Office shows prices for a range of food items have jumped sharply over the past year. A pound of butter is €1.03 more expensive, Irish cheddar is up 57c per kilo, with two litres of full-fat milk up 27c and an 800g sliced pan up 5c. The PwC survey shows that as food prices rise, just 37% say that they are willing to pay more for food that supports the environment, such as improving soil quality and enhancing biodiversity. The research, which gathered insights from 1,000 Irish consumers, reveals that consumers want to purchase food that aligns with their attitudes towards health, convenience and sustainability. However, escalating food prices and cost-of-living challenges are constraining their ability to fulfil these aspirations. Health concerns Meanwhile, significant health concerns over ultra-processed foods or pesticide use are intensifying among over half of Irish consumers surveyed, with some 47% of respondents planning to increase their consumption of fresh produce in the coming months. Over a third are reducing their alcohol consumption, while 32% are avoiding ultra-processed foods to a great extent. In addition, nearly a fifth are planning to reduce their consumption of red meat. The current economic climate and recent cost of living impacts continue to weigh heavily on Irish consumers, the professional services firm found, with 50% of Irish respondents saying that they are 'extremely' or 'very' concerned about their personal financial situation. Approximately 11% struggle to pay all or some of their bills every month, while 48% of Irish respondents stated they are just financially coping. "Consumer sentiment remains fragile," says John O'Loughlin, Partner, PwC Ireland Retail and Consumer Practice. "The survey highlights that many Irish consumers, although wanting to eat healthily and support sustainability, are concerned about the cost of living and their ability to pay." Weight loss drugs The findings also revealed that two-thirds of Irish respondents were open to using a weight-loss prescription drug in the future, compared to 61% of global respondents. Of the global respondents who had experience using weight-loss prescription drugs, 73% confirmed that their overall health had improved, while 68% plan to still be taking the drug in six months. However, over half reported experiencing side effects, with 51% stating that they had not lost as much weight as they had hoped.
Irish Independent
24-05-2025
- Business
- Irish Independent
Successfully navigating Trump tariff turmoil – advice and supports from Enterprise Ireland
While the situation remains fluid and evolving, there are a number of challenges Irish exporters can assess and address now, and steps they can take to mitigate against any future changes and potential impacts. Export-focused companies should remain conscious that this is a complex developing situation, likely to have a wider impact than just direct trade with the United States, including potential EU counter-measures on tariffs towards the United States, and other global trade deals recently announced and in development. Agile Irish businesses have proven their resilience time and again when economic shocks have impacted international economies in the past, and to remain agile, businesses need clarity and expertise to plan for whatever comes next. Enterprise Ireland is committed to supporting companies as they explore potential mitigation strategies to navigate these challenges, and we are continuing to proactively engage with our client companies on a one-to-one basis. Companies are encouraged to engage with their dedicated Client Advisors to ensure they have the latest information, and a dedicated webpage has detailed information about a suite of existing supports available to help them navigate some of the challenges which may arise, including the Market Discovery Fund and the Strategic Consultancy Grant. A dedicated Trade and Tariff Response team has also been established, Companies have told us they need support in a number of key areas, including up-to-date and relevant information and as such, we are running a series of trade tariff webinars with industry experts to help businesses to stay informed. Already available to watch on our website is an introductory webinar 'Trade, Tariffs and More', which gives an overview of the latest US tariffs and future considerations for cross-border trade. This was presented by John O'Loughlin, Partner in PwC's Global Trade and Customs practice, who was joined by Liam Morris, Director for Trade Policy at the Department of Foreign Affairs and Trade. Other available webinars include 'Navigating Value, Pricing & Contracts in a period of tariffs' with Dr Colm Reilly, which covers ways to sustain your business in uncertain times, while another takes a look at the impacts for Irish exporters as well as potential scenarios for further changes to US and EU trade rules. We also have a number of upcoming webinar information sessions, including one which will focus on financial management by looking at managing value, cash flow and profitability in times of trading uncertainty. A new Trade Disruption Checklist, which has been designed to help Irish companies identify and prioritise key areas of impact, risk and opportunity, is now available for companies. ADVERTISEMENT This resource, and our aligned supports, is focused on helping to guide companies through mapping supply chains, currency risk management, and relevant financial, strategic and operational considerations. At this time, it is crucial for companies to keep lines of communication open with customers, suppliers and channel partners, especially in the US, as this will help them understand and manage tariff impacts, cuts to public procurement rules or funding programmes, and any contractual change they may need to make. Enterprise Ireland's Trade and Tariff Response team continues to engage with hundreds of Irish companies to support them as they work to understand and mitigate against potential challenges. Now is the time to understand the risks and opportunities, to plan and develop mitigation strategies, and to focus on how to become more productive, innovative and competitive to deal with any challenges. Discover more information about trade and tariff support for businesses on
