In the latest Consumer Mindset report which will be published by Core next week, Finian Murphy writes that food prices, the cost of living and homelessness continue to weigh heavily on consumer sentiment.
At the beginning of 2023, people believed supermarkets were handling the cost-of-living well. While 35% of people disapproved of the category, 37% of people approved of how supermarkets were handling the rising cost-of-living. Five months later, with high levels of food inflation, customers have changed their mind, with approval rating falling to 19% of people. In May 2023, 63% of people disapprove of how supermarkets are handling the cost-of-living, while 57% of people disapprove of the Government’s response.
At the centre of this high level of disapproval is food prices. Over the past number of weeks, with plenty of other significant news stories, food price inflation is the news which most people are resonating with. In fact, it is the second most significant news story this year, after the tragic earthquakes which devastated Turkey and Syria.
Some 80% of the public were aware that food prices were up 15% on last year, and of this group, 92% of people said it was of importance to them personally.
As a result, 74% of Irish people view food inflation as significant. In March 2023, 80% of people believed the Syria and Turkey earthquakes were significant – the highest ranking news story so far this year.
Despite a busy news cycle, including the release of Gerry Hutch, the visit of Trump, the war in Sudan and continued rising homelessness, the cost of filling our baskets and trolleys is more significant in people’s everyday lives.
While food inflation has a different impact on different household income levels, the cost of a weekly shop is impacting on how people feel about their short-term decisions. In our Consumer Mindset report released on Thursday 25th May, we will outline the areas which people want to protect, as well as the areas which people believe they are prevented from engaging in.
In the long-term, those under 40 years of age are making even greater decisions. 37% of this generation are considering moving jobs for higher pay, 21% are considering moving back in with their parents, and 1 in 3 people under the age of 40 are thinking about leaving the country completely.
Roaring inflation in energy, housing and now food has a domino effect and our Mindset report will continue to track how sentiment is leading to new behaviours and decision-making.
To read a copy of the latest Consumer Mindset report click HERE