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Irish Times
2 hours ago
- Business
- Irish Times
Economic climate cools eco-friendly purchasing decisions
The vast majority of the Irish public, some 77 per cent of Irish consumers, expressed concern about climate change in the recent PwC Voice of the Consumer study, yet only half as many – 37 per cent – are willing to pay more for ethically conscious food. The proportion of Irish people willing to pay a premium for food that supports the environment stood below the global average of 44 per cent. Similarly, more than half of consumers would choose to buy food products from non-domestic producers if they were cheaper than a comparable Irish product. The current economic climate is cooling consumers' abilities to take account of ethics when it comes to managing their own balance sheets. 'Good' purchasing decisions are something most consumers would like to make. The notion that Irish consumers are somehow less ethically forceful when it comes to deciding what to buy is somewhat misleading though. READ MORE While it is easy to point to the glaring gap between consumers' ethical concerns and what they actually spend their money on, there are a few more statistics to consider. Some 71 per cent of Irish consumers said that they are either 'extremely' or 'very' concerned about the cost of their food, and half of consumers are similarly concerned about their own financial situations. With that in mind, the fact that nearly two in five consumers are willing to spend more money on more expensive domestic products is quite encouraging. Taoiseach Micheál Marti n seems to believe the post-pandemic cost-of-living crisis is over, saying there are no plans to introduce further cost-of-living supports in Budget 2026. Figures from this surveyshow a drop in the number of people 'extremely' or 'very' concerned about their financial situations from 58 per cent to 50 per cent. But surely if half of Irish consumers are highly concerned about their personal finances it is too soon to think the cost-of-living crisis is over? Perhaps the real issue is that consumers are too busy putting their money towards paying rising bills to have any left for those ethical purchases.
Irish Times
8 hours ago
- Business
- Irish Times
Irish people more concerned about cost of food than counterparts
Nearly three-quarters of Irish consumers are either 'extremely' or 'very' concerned about the cost of food , a higher rate than consumers in other countries, PwC's Voice of the Consumer Survey has found. Irish consumers are less willing to pay more for environmentally friendly food than people in other countries. Just 37 per cent of Irish consumers were willing to purchase food that was more expensive but improved soil quality or enhanced biodiversity. That compared with the global average of 44 per cent. While 77 per cent of consumers expressed concern about climate change , 'escalating food prices and cost-of-living challenges are constraining their ability to fulfil these aspirations,' the report said. Alongside concerns about the cost of food, value for money was considered to be the top reason for switching food brands by 63 per cent of Irish consumers. READ MORE More than half of Irish consumers are 'extremely' or 'very' concerned about health risks from ultra-processed foods or the use of pesticides in their food, 5 per cent lower than the global average. Although 36 per cent of Irish consumers are planning to significantly reduce alcohol consumption, this falls behind their counterparts at 41 per cent. However, Ireland aligned with the global average of 19 per cent when it came to reducing their consumption of red meat. Irish people order takeaway less frequently than average, just over 26 per cent of Irish respondents order takeaway at least once per week, below the average of 34 per cent. [ Ireland's grocery prices are still soaring. How can that be? Opens in new window ] Nearly half of Irish respondents, 48 per cent, said they were just financially coping and have very little to nothing left over for savings, holidays or entertainment after paying their bills, compared with 41 per cent globally. Half of Irish respondents said they were 'extremely' or 'very' concerned about their personal financial situation, though this figure was higher in the report last year when it was 58 per cent. John O'Loughlin, a partner in PwC Ireland's retail and consumer practice, said that Irish consumers, 'although wanting to eat healthily and support sustainability, are concerned about the cost of living and their ability to pay' 'At the same time, consumers are getting more savvy and are looking to stretch their budget via promotional items, discount stores and switching brands,' he said. As Irish consumers are struggling financially, they fall significantly below the global average in terms of eating out in restaurants. Just 13 per cent of consumers said they ate out in a restaurant at least once a week, compared with 29 per cent across the other markets in the survey. In health, two-thirds of Irish respondents said they were open to using a weight-loss prescription drug, a higher rate than among the global respondents to the PwC report of 61 per cent. The report found that a similar number of Irish people, 64 per cent, now used healthcare apps or wearables for exercise monitoring, mental health and sleep tracking. However, this rate was lower than the global average of 70 per cent. Yet just a fifth of people here said they were likely to change their daily habits based on the use of apps or wearable devices compared with the global average of 34 per cent. Ireland was also behind the rest of the world in terms of meal-kit delivery or food subscription services, with a take-up of less than half of the global average of 13 per cent.
