Cost-of-Living crisis affecting 77% of the population

MORE than three-quarters (77%) of the population have financial worries due to the ongoing cost-of-living crisis, according to a new year survey of Irish consumers commissioned by Aldi Ireland and conducted among 1,000 consumers by Bounce Insights.

The survey sought to gauge the severity of the impact of the cost-of-living crisis on Irish consumers, the trends and behaviour emerging with regard to personal finances and the actions people are taking to best manage challenges presented by the rising cost of living.

The survey found the cost-of-living crisis is making almost one in every three people (30%) ‘fearful or anxious’ about the future, while more than seven in 10 people (72%) are conscious of the price of goods, and that almost half (47%) are seeking value for every cent they spend.

The switch to own label products is also something the survey has found an increasing number of consumers focusing on, with 77% having already swapped brands for own label products and a similar number (73%) having switched to discount retailers to help cut their grocery costs.

“The research findings are stark, with more than threequarters of people in Ireland having financial worries as a result of the cost-of-living crisis,” noted Niall O’Connor, Group Managing Director, Aldi Ireland. “It shows the extent of the impact this crisis is having on Irish consumers and the extreme measures they are taking to combat it. We continue to be very aware of this impact and are even more committed to our customers in helping them weather this storm. We will continue to shield and protect them with low prices, starting with even bigger discounts over the coming year.”

The survey showed that more than three-quarters of all customers have already switched to private label goods as they look to manage their household budgets. Worryingly, it also revealed that half of people surveyed are cutting back on fruit and vegetables, and 86% on organic or environmentally friendly produce. “We don’t believe customers should ever have to choose between price, health and quality,” Niall O’Connor maintained. “With that in mind, for example, in January, we delivered discounts of over 40% on produce in our Aldi Savers programme, with fruit, vegetables, bread, cereals and lean meats making up a significant portion of goods on offer. We will continue that in February with over 40% discount.”

Aldi’s ambitious plans for the year also include the creation of more than 360 new jobs across the country, the retailer having launched a recruitment campaign to hire new staff to fill these new roles across Ireland. The new jobs arise due to the ongoing expansion of the Aldi store network – 155 stores currently, with plans for an additional six this year - and the demand the retailer is currently seeing in the market, with increasing customer numbers and strong projections for 2023.