Tom Collins of Bord Bia described today’s Irish consumer to the crowd at the 2013 Craft Brewing and Distilling Convention. He explained that many consumers believe 2013 will be a bad year with high inflation an difficulties meeting day to day expenses.
Collins referred to a report on current consumer financial conditions, commissioned in 2009 and updated every 6 months since. The report shows that 52% of consumers have heavy financial commitments and debt. Within this group 87% indicated that they would never return to their pre-recession spending habits.
Research was conducted in 21 countries with 28,000 respondents to identify changing lifestyle trends. One group, labeled Simple Pleasures, seems to fit well with that of craft beer drinkers. They are seeking more enjoyment from the simple things in life, scaling back on expensive luxuries. They continue to enjoy food and drink, one of life’s simplest and sociable pleasures.
This trend has been driven by a decline in trust that has brought them to appreciate the basics, and celebrate tradition and craftsmanship. Understanding such trends should allow businesses to adapt their business strategy and create the correct offering for this audience.