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Bord Bia

5 Resources to Help you Understand Consumers and the Global Cost of Living Crisis 

Amy Bond, Assistant Librarian and Information Specialist  

Photo by Joshua Rawson-Harris on Unsplash 

As the cost of living crisis continues to impact consumers it is important for brands to understand how consumers are reacting, what strategies are being adopted to cope, and how other companies are responding. Bord Bia launched our multicounty Inflationary Impact study at the start of 2023. This study explores the current consumer landscape in a world that faces continued disruption and unique economic challenges, compounded by inflationary pressures that have not been experienced for decades (Inflationary Impact, 2023). This research will be run again this November, with results available towards the end of the year for client companies. 

In the meantime, Bord Bia client companies can also access a range of resources that provide insights into these areas from the library collection. Below is an overview of some of these reports and articles. 

 

Consumers and the Cost of Living – Ireland (Mintel, 2023) 

This report examines of Irish consumers’ behaviours and attitudes are being shaped by the cost of living crisis. The continued impact of rising costs on consumers’ lives and wellbeing has diminished their financial confidence. While government support has varied, companies and brands are making the effort to offer assistance by recognising the stress that consumers are under and undertaking innovative activity to ensure their products/services remain accessible. 

 

Affordability, Value, and the Cost of Living: Balancing Budget and Lifestyle (Euromonitor, 2023) 

This is a global overview of the impact of budget restrictions on consumers. The impact of higher costs of living is felt from top earners in developed markets to struggling households in emerging and developing countries. Factors such as simplified solutions, extended value ranges and added-value features have proven to be successful. Business that understand the diverse needs, desires and spending priorities of consumers will continue to maintain demand. 

 

Waitrose: Supporting Shoppers amid Inflation (Canvas8, 2023) 

This case study examines the response of a retailer to the impact of inflation upon their shoppers. As the cost of living crisis heightens, the UK supermarket chain Waitrose is lowering the prices of its everyday products and making it easier for customers to access them amid tightening household budgets. How are consumers responding to this, and can brands maintain this shift in the long term? 

 

 TrendSights Analysis 2023: Mega-Trend Overview—Easy & Affordable (GlobalData, 2023) 

GlobalData’s Trensights reports analyse the forces shaping the global consumer goods industry. In 2023 the Easy Affordable trend is mainly driven by macroeconomic uncertainty and the cost of living crisis, as consumers are forced to put affordability at the forefront of their purchasing decisions, to decide how they can best achieve value for money. This report includes overview of consumer attitudes, and recent innovations that address these issues. 

 

Rethinking value in a cost-of-living crisis (WARC, 2023) 

This short article discusses how consumer behaviours are changing in in an era of perma-crisis. Paul Greenwood of We Are Social takes the pulse of social media and suggests how brands can react. He sets out some of the new cultural trends emerging online, and suggests strategies that can work in response to these.  

Client companies you want more information on how to access these resources can contact our team of reference librarians at thethinkinghouse@bordbia.ie.  

 

References 

Affordability, Value, and the Cost of Living: Balancing Budget and Lifestyle . (2023). Euromonitor. 

Consumers and the Cost of Living Crisis. (2023). Mintel. 

Inflationary Impact 2023. (2023). [online] www.bordbia.ie. Bord Bia. Available at: https://www.bordbia.ie/industry/insights/publications/inflationary-impact-2023/. 

Rethinking value in a cost-of-living crisis . (2023). WARC. 

TrendSights Analysis 2023: Mega-Trend Overview—Easy & Affordable . (2023). GlobalData. 

Waitrose: Supporting Shoppers amid Inflation . (2023). Canvas8.