CGA by NIQ's Ireland Consumer Insight Report 2023 shows that while the cost of living crisis is taking its toll on Irish consumers, it's a family affair in terms of non-negotiable visits to on premise venues.
Details
Inflation and cost challenges facing consumers and businesses continue to impact on premise behaviour. The soaring cost of living has resulted in an overall higher average monthly spend amongst Irish consumers compared to last year. Some 60% of consumers are tightening their purse strings, however, 25% say that less cash in their hand won’t translate to going out less. Understanding the motivations held by the core set of consumers that still plan to visit the on premise is crucial, the report says.
"Being with family" is cited as the most important thing in Irish consumers' lives. This is reflected in their on premise visits, with family occasions topping the list of events they not only go out for, but are least willing to sacrifice should a reduction in visits be necessary.
A third of consumers are drinking less alcohol than last year while half of consumers plan to drink less over the next 12 months. But this isn't solely a result of needing to save money, it's also because a healthier lifestyle is on the agenda for 31% of consumers, for whom health and wellness is a higher priority than last year.
The report finds that the majority of consumers continue to be satisfied with their visits to the on premise, although rising inflation has made it more challenging for drinks brands and suppliers to give the sense of value for money fundamental to maintaining customer satisfaction levels. Some 40% of consumers equate value for money with high quality, whilst the majority define it based on superior taste and experience.
Statement By CGA By NIQ Client Director
Sian Brennan, CGA by NIQ client director - Ireland, said, "Despite ongoing market turbulence, there's no shortage of appetite for the on premise amongst Northern and the Republic of Ireland consumers. The analytics highlight a preference for quality over quantity, plus shifting lifestyle choices.
"It's an exciting time for drilling down into the volumes of new and exciting products targeting these trends, perhaps most notably the non-alcoholic version of Ireland's very own ebony nectar! Add family occasions such as birthdays, engagement and anniversaries, which are key drivers for visits to the on premise. There are clear opportunities to leverage market share and build brand equity by getting the right products in front of the right people on the right occasions."
Read More: Late-Night Bars Bounce Back In Ireland, Reveals CGA Research
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