Irish Lifestyles - Ireland : Market Research Report

Irish Lifestyles - Ireland

Published by: Mintel International Group Ltd.

Published: Jul. 1, 2009 - 183 Pages

Issues in the Market: Key themes in the market; Definitions; Abbreviations
Future Opportunities: Boom comes to an end; But what now?; Recession accelerating existing trends - not creating new ones; The State We're In; First, some evidence; The response; The best of; Sustained ad spend pays off in the long run; Promotional discounting threatens brand value
Lifestyles in Brief: Both economies deep in recession - with no recovery imminent; Consumer confidence close to all-time lows; Full employment gives way to rampant job losses; Disposable income under strain, affecting spending; Extravagant lifestyles during boom years, but prudently financed; Weakness of Sterling sparks cross-border shopping craze; Greater price-consciousness on account of recession; Irish consumers still drinking alcohol - but spending less on it; Recession-ravaged foodservice sector down by up to 20%; Growing preference for ‘staying in’ over a ‘night out’; Banks’ reputations in the spotlight; Savings habit growing stronger among Irish consumers; Price-consciousness to be a feature into the future; More consumers unaffected than significantly affected by recession; Twice as many NI as RoI consumers ‘unaffected’
Restoring Confidence: Economic Outlook for NI and RoI: Key points; Economic downturn: where did it all go wrong?; Overview; RoI; NI; Stability more than recovery at stake?; RoI; UK (incl. NI); Unemployment; RoI; NI; Spectre of unemployment curbs consumers’ enthusiasm; What job?; Disposable income; RoI; NI; Consumer spending; RoI; NI; Now is a good time to spend - just not for me; Definite change in attitude towards spending
Social Impact of Recession: Key points; Severe cuts in government spending to impact upon consumers; RoI; NI; Certain areas more severely affected than others; By-products of a recession: Anxiety, ill health and social disarray; Recession causing sleepless nights; Personal relationships under strain; Numbers under financial pressure on the rise; Fears over 1980s-esque ‘brain drain’; Risk of increased suicide rate; Homeless services at ‘full capacity’; Increasing crime linked to recession; Growing discontent among public; An era of volunteering to commence; An end to multicultural Ireland?; Women going blonde, men going tight
Understanding the Irish Consumer Shopping Psyche: Key points; Were we living beyond our means?; Taste for luxury and extravagance was common…; …but this extravagance was financed with caution; Outlook for luxury goods market; Falling value of Sterling turns retail landscape on its head; Cross-border grocery trade valued at £450 million in 2008; Cross-border shopping to reach €700 million in 2009; Consumer footfall: Down in RoI, up in NI; Even low-cost retail behemoths suffering; Quality over budget when buying clothes during downturn; Consumers sticking to what they have - rather than buying again; More grey hair and wrinkles on display in downturn; Will ethical concerns recede in line with the economy?; Downturn increasing price awareness; Some evidence of pre-recession price-consciousness; Value for money over premium the priority in 2008; Own-label brands not convincing consumers; Discount retailers growing share in RoI; More difficult to counter ‘recession fear’ in internet age; Confidence booster needed; The need for consumers to feel ‘in control’; Brand switching a feature of downturn; But some resistance to unfamiliar brands
Sector Focus: Alcohol: Key points; Penetration stable but spending in decline; Around 80% of Irish consumers are drinkers; Spending on alcohol in decline; Increasing unemployment likely to reduce frequency of consumption; Position of pubs under threat; Drinking at home growing in popularity; On-trade sales in decline, while off-trade sales holding their own; Off-trade sector the new focus for drinks companies…; …but tradition still counts for consumers
Sector Focus: Foodservice and Groceries: Key points; Credit crunch and lifestyle trends hitting foodservice sector; Restaurants the big losers from credit crunch; Home cooking as a cost-cutting measure; Increasing health awareness affecting food buying; Unemployment rendering consumers time-rich but cash-poor; Growing interest in ‘home growing’; Chocolate consumption the clear ‘recession winner’
Sector Focus: Leisure and Entertainment: Key points; Staying in is the new going out; Tendency to ‘stay put’ benefiting food delivery sector; Cinema growing in popularity as option for a night out; Spending time with family tops all other options; Craze for multiple holidays loses steam; Shaper price focus for domestic holidaymakers; Late bookers hoping to snare bargains
Restoring Confidence in Financial Services and Products: Key points; Erosion of wealth to impact on financial services providers; Consumers taking dim view of banks’ antics; Evidence of loss of trust in institutions; Banking on reputation; Eroded loyalty to lead to ‘bank hopping’?; Bad reputation; Opportunity for credit unions to grow market share; Irish consumers not ‘up to speed’ on financial matters…; …but savings habit growing stronger in RoI; Reluctance to commit suggests uncertainty; ‘Rainy day’ the main purpose of saving; Security over returns for RoI consumers; Little interest in financial services advertising; Overdraft facilities as a form of sneaky credit; Cash-strapped consumers may look to credit cards for quick fix; No complacency, despite familiarity; Tendency towards full payment indicates high level of prudence; Danger that downturn will expose ‘cracks’ in consumers’ credit card usage; Insurance products could be first target of consumer cutbacks; Recession having huge impact on mortgage sales; RoI; NI
The Consumer - The Lasting Impact of the Recession: Key points; Trust no one; Changed attitudes towards finances and financial services; High level of distrust among RoI consumers; Consumers intend taking control of own finances; Bubble not quite burst on property obsession; There’s no place like home; Epidemic of panic has been overstated; Leisure; Holidaying at home not deemed to be worth the savings; Impact of recession on lifestyles; More ‘unscathed’ than ‘savaged’; Under-50s, in employment, feeling the brunt; Retired and over-65s faring best; Going after the grey market; Retail/Shopping habits; Around a third to cut back on premium brands; Price to assume greater importance in food shopping
Consumer Typologies: Key points; NI; Not Affected; Characteristics; Demographic pattern; Understanding the Not Affected; Savers; Characteristics; Demographic pattern; Understanding the Savers; Discounters; Characteristics; Demographic pattern; Understanding the Discounters; Financially Worried; Characteristics; Demographic pattern; Understanding the ‘Financially Worried’; RoI; No Trust; Characteristics; Demographic pattern; Understanding the No Trust; Discounters; Characteristics; Demographic pattern; Understanding the Discounters; Ignoring Problem; Characteristics; Demographic pattern; Understanding the Ignoring Problem; Not Changed; Characteristics; Demographic pattern; Understanding the Not Changed; Bargain Hunters; Characteristics; Demographic pattern; Understanding the Bargain Hunters
Appendix: Economic outlook; Global downturn; Labour market - NI; Redundancies - RoI; Disposable income; Consumer confidence; Consumer spending; Social effects; Multicultural Ireland; Hours worked; Issues of concern; Retail/Shopping habits; Market for luxury goods; Pre-recession price-consciousness; Brand switching and openness to new products; Internet and shopping; Cross-border shopping: exchange rate changes; Alcohol retailing; Alcohol consumption; Frequency of consumption; Consumption: On-trade vs off-trade; Alcohol sales; Foodservice and groceries; Trend towards home cooking; Health awareness; Foodservice sectors; Foodservice as percentage of food retail sales; Leisure; Eating out in restaurants; Visiting the pub; Preference for night at home; Spending time with family; Population aged <25 years; Finance; Savings intentions - RoI; Savings preferences; Information on banking needs; Issues of concern when saving; Credit cards - usage and management; Frequency of credit card usage; Credit card - settling of balance; Use of credit card; The Consumer: The lasting impact of the recession; Changed attitudes towards finances and financial services; Changed attitudes towards retail/shopping habits; NI; RoI

Abstract

After a prolonged period of wealth and opportunity, Irish consumers are still coming to terms with the new economic and social reality of recession. Unprecedented levels of employment, rising incomes and buoyant consumer confidence have given way to almost daily announcements of additional job losses, pay freezes (or cuts), ever-bleaker economic forecasts and close to all-time lows in consumer confidence.

Albeit to varying extents, consumers of all ages and socio-economic backgrounds are feeling the effects of recession - personally, professionally and financially. In this new economic and social order, it was inevitable that Irish lifestyles would change. In place of extravagant spending and living for today have emerged price-consciousness, budgeting and saving for a (now expected) rainy day. However, although the recession has caused a sudden halt to some consumer trends and patterns, it has served to accelerate others that were already under way or emerging.

However, Mintel’s research indicates that the Irish experience of the current economic downturn has, so far, been very much a tale of two economies. While RoI consumers appear to be in a state of recession-induced shock, NI consumers are coping much better. Almost a quarter of all RoI consumers claim that the recession will force ‘major changes’ to their lifestyle going forward, while just one in ten NI consumers believe this will be the case.

Key themes in the market

What have been the main consumer-related effects of the current economic downturn - in terms of income, spending and confidence?
The impact of the recession on individuals and, more generally, society.
What effect has the recession had on specific sectors and markets, notably leisure, finance and retail, in general?
What are the likely long-term, lasting effects of the recession in terms of consumer attitudes and spending patterns?

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Irish Lifestyles - Ireland

Table of Contents

Abstract