'Tis the season to be jolly. And also to get that crystal ball back out and try to predict what the next year or so might have in store for us. I recently started a new role as Market Engagement Manager at An Post. Things have been a bit hectic, hence the sound of silence on the blogger line. Part of my new role is organising business conferences and briefings for the wider business audience. Our most recent breakfast event, Smart Trends 2015, provided some unique and interesting insights into the direction we are headed and how things might play out for Irish business in 2015. Our speakers were Gillian Nelis, Managing Editor of the Sunday Business Post and Gerard O'Neill, Chairman of Amárach Research. Here are some of the highlights.
Thankfully, consumer confidence has been steadily on the rise over the last 12 months and this trend is set to continue. The ordinary, everyday Joe may not necessarily feel the effects of the recovery in their pocket yet, but they are optimistic they will in the near future and are starting to loosen up a little.
Consumer spending is set to increase from about €85 billion in 2014 to an estimated €87.6 billion in 2015. This represents a 3% increase and, as a welcomed changed, is a step in the right direction. Over the next 6 months in particular, 14% of Irish consumers intend to borrow, 11% intend to buy a new home, 19% a new car, and 56% plan to spend on a foreign holiday. Whether or not they do it is another story, but the intention is there which is a start.
And, it would appear, we are set to become even more health conscious. 51% of Irish consumers say they intend on exercising more and 53% plan to eat more healthily. This will result in an estimated €5.1 billion in health spending (I wonder how much of this will happen in January with us all joining gyms in an effort to fight the Christmas bulge?).
The trend towards online shopping is set to continue in the year ahead too. Currently 9 in 10 Irish consumers order online once a month, with the average spend per month being €91. 77% of us use comparison websites, like Trip Advisor or Trivago and this seems to be influencing our purchase decisions. Based on reading a positive online review, 69% of Irish consumers have bought electronic goods, 63% have bought a car (a little strange I thought), and 58% have bought clothes.
So, is the beginning near? At face value, it would appear so. And hopefully the beginning will last a little longer than the end did, if you know what I mean.
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