Agency study points to an improving economy
Michael Cullen reports
Improved consumer sentiment and behaviours shows the nation is coping better and easing off the breaks imposed during the recession. There are also positive shifts in personal circumstances and a belief in better times ahead, the latest report in a three-year research study entitled Mood & Momentum and sponsored by Irish International shows.
Economic indicators show Ireland is recovering, with unemployment down and retail sales, consumer sentiment and GDP all up. There is an easing off in the effort Irish people feel they need to make in managing their personal finances and household budgets. While shoppers are still driven by discounts and deals, consumers are not as obsessed with chasing value.
Presenting the findings, Irish International planning director Leo Moore (above) said brand loyalty is on the rise, while demand for private label is down. After years of abstinence, big item purchases like cars and furniture are back on shopping lists, indicating pent-up demand. A greater interest in buying clothes shows a return to more relaxed spending.
Wave four of Mood & Momentum shows while consumers accept money cannot buy happiness or healthy relationships, levels of disposable income either enable or inhibit socialising. Some consumers felt so restricted by their finances in recent years, they did not meet up with friends or family as they felt embarrassed by their circumstances.
Concerns about personal health and staying fit have grown as priorities across society. Consumers want to be better informed about health issues – eating well and staying fit. While people have more time to see the mental and physical benefits of a balanced diet and being active, they say marketers could provide more health information and promote better choices.
Mental health is now seen as Ireland’s biggest concern, ahead of obesity, alcohol abuse, cancer, smoking and heart disease. Visits to the gym, mindfulness, yoga/pilates, meditation, walking and jogging are the most popular activities. Consumers have a dysfunctional relationship with technology. A rise in ‘de-teching’ is driven by the young, tech savvy cohorts with almost one in four now unplugging from technology at least once a day.
Irish International rated 112 brands that help make people happy and optimistic and are helpful and trustworthy. Happy brands include the GAA (above), 7Up, Pepsi and Barry’s Tea. Not surprisingly, financial services and political parties are the nation’s least happy brands.
Helpful brands include Google, An Post, Bus Eireann, SuperValu, Aldi, Lidl and Aer Lingus. The Credit Union, Avonmore, Ballygowan and BMW are highly trusted brands. The survey showed most consumers think in categories and assign similar characteristics to brands, so there is are definite benefits to be had from breaking category codes for cut-through.
