Newly published research has shown that one in five people in Ireland is now struggling to make ends meet amid the current cost of living crisis.
The price of groceries is on the rise due to inflation, as is the pressure on consumers to afford the same luxuries they once could.
Many people are changing the way they shop, which delegates at a key food and drinks industry symposium - hosted by Love Irish Food - will hear on Thursday.
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The Love Irish Food webinar includes an opening address from Love Irish Food’s Executive Director, Kieran Rumley and keynote speaker Natasha Adams, CEO of Tesco Ireland on growing and adapting to a rapidly changing retail food environment.
According to research from Kantar, 23% of consumers are struggling to make ends meet and cover expenses as grocery prices increase.
Shoppers are therefore looking for ways to save money, and many are choosing cheaper brands.
Many people are opting to shop for more local Irish produce and supermarket own-brands as a way to save money over the long term - which is helping keep those local businesses going.
Speaking about the current situation, Kieran Rumley, Executive Director at Love Irish Food, said: “It is concerning to see consumers struggling as grocery prices increase but it is promising to see people continue to buy Irish-produced food brands as wellpart of the weekly shop.
“Despite the pressure on household spending, brands still dominate the share of the grocery basket in Irish households. Buying more Irish-made products helps Irish businesses survive and protects Irish jobs, which is critical in the current climate and will be crucial in food security and driving economic recovery”.
Tesco Ireland has insisted that they are “absolutely committed to helping” its customers and are focused on bringing down the cost of a weekly shop.
Natasha Adams, CEO of Tesco Ireland, said: “With household budgets under increasing pressure we are absolutely committed to helping our customers, by keeping a laser focus on the cost of the weekly shop.
“Working with over 500 small and medium local Irish suppliers has never felt more important as we navigate these challenges together.
“We are proud to sell almost 70% of Love Irish Food member products across Tesco stores nationwide, and we are committed to continuing to focus on supporting Irish and local food suppliers throughout 2023”.
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