Price beats brand

A growing number of consumers say price is more important to them than brand names, according to a new Bord Bia study.

The Irish Consumer 2015 findings show that today’s consumer is empowered, self-reliant and seeking life balance.

Results of the study, undertaken in conjunction with The Futures Company, were presented to 100 representatives from Irish food and drink companies at Bord Bia headquarters in Dublin yesterday.

They show perceptions of the economy are improving with over half of people (51%) believing “things are going well financially”. This has risen from 8% in 2011.

People’s attitude towards their personal financial situation has also improved, with 56% of respondents feeling things are going well nowadays, up from 46% in 2011.

Buoyed by the sense of having weathered the storm, consumers also feel increasingly empowered, according to the findings.

Reduced levels of trust towards institutions, brands and businesses is creating a desire for self-reliance, leading consumers to make more considered purchase choices.

Consumers are taking extra care in buying with 72% increasingly likely to spend time researching a product before buying (up from 67% in 2010).

Some 67% now consider that price is more important to them than brand names, compared to 58% in 2010.