The recession has brought about a new way of shopping with many of these changes likely to be permanent.
According to new research by PricewaterhouseCoopers, this will bring about a change in the way consumers perceive value and spend money. The research is being unveiled at the 2010 annual Checkout conference taking place today.
The study conducted with the country's leading retailers confirms that the majority of consumers have changed their buying patterns. 65% of consumers here are buying 'clever' and spending more time hunting down bargains. 55% are buying less while 35% are trading down or buying cheaper products.
Irish retailers also believe that this changed consumer behaviour is here to stay, with 53% saying that these changes are probably or definitely permanent. Today's research shows that after buying cheaper products, 86% of consumers felt the quality was the same while 44% felt they got the same value.
Retailers are responding to the changing habits of consumers, PWC says. 71% of Irish retailers have initiated promotional activity, 67% have increased the level of discounting, 60% have adapted their product range while 47% have changed the way in which they are sourcing products.
However, 50% of Irish retailers are feeling more positive about their business for this year compared to 2009. Almost one third of respondents said that they are either planning to open new stores or are seeking a merger of acquisition over the next 12 months.
