Consumer behaviour - Demanding real value for money

The National Consumer Agency released a report that shows Irish consumers have been changing their shopping behaviour to get the best value in the midst of the recession.

Almost three-quarters (74%) of shoppers say that the economic downturn has led them to consider more carefully what they buy and when they buy it.

More than half of those surveyed have been looking for special offers, and seeking alternative and less expensive ways of socialising. Some 53% say that they are holding off on planning a holiday until things improve in the economy, and the number of consumers who are cooking at home from scratch has increased by 35%.

This will inevitably impact on establishments serving food and force them to become more competitive. Some 67% admit to shopping around in search of better prices, but there has also been a somewhat contradictory increase from 13% to 17% of those who admit to being more influenced by convenience than price.

Smiles Dental Group – which has 13 dental practices scattered about the country, from Cork to Dundalk and from Galway to Wexford – has announced that it is reducing the cost of dental treatment by up to 30% in order to bring prices in the Republic in line with the North.

It is obvious in the midst of the Celtic Tiger rip-off, Irish consumers were paying much too much. People were being ripped off and we still have a fair bit to go in terms of readjusting prices and getting proper value for money.

At least we have begun making strides. Everybody has a responsibility to ensure that we continue to make progress, because it is in the country’s long-term interest that people are attracted to shop within this jurisdiction rather than being enticed across the border to buy things for so much less money, even when the cost of travel is factored in.

Not only within the island of Ireland but also in the broader European context, we must be competitive. Everyone can play a part in ensuring that we achieve that competitiveness. By shopping around to get the best value for money, consumers would not only facilitate themselves but also help the broader economy. In the process they will be rewarding those who help to generate and restore true competitiveness.