THE average price of a round of drinks in Ireland has risen by over 10 per cent to €29.47, research has revealed.
The analysis from CGA by NIQ, also found that stout sales are on the rise, while spirit sales are dropping for Irish drinkers.
The research analysed trends across Ireland’s pubs, bars and restaurants.
The study showed that profits were on the rise for Irish pubs, bars and restaurants with sales up by €93.7million despite the number of drinks being sold dropping by 3 per cent.
This is due to a 10.5 per cent rise the price of a round of drinks from €26.68 to €29.47 per cent.
A sample round of drinks in the study was defined as a pint of stout, a pint of lager, a 35ml shot of vodka, 35ml glass of whiskey with a 330ml coke and a 200ml juice.
Darren Bradley, a CGA senior client manager in Ireland, said that Irish consumers “remain as eager as ever” to drink and dine out despite rising costs.
Bradley said: “High costs continue to affect businesses and households alike, but Ireland’s consumers remain as eager as ever to visit pubs, bars and restaurants.
“Despite drops in frequency and distribution there is still plenty of headroom for growth in multiple categories, channels and occasions.
“With spending likely to loosen over the rest of 2024 and beyond it will be vital for all businesses to stay right on top of sales patterns and consumers’ latest preferences, and our data is the ideal starting point for responsive and effective strategies.”
The research into Irish pub, restaurant and bar drink sales also showed that sales of Stout were up 2.1 per cent, while Gin sales were down 2.1 per cent.
62 per cent of those surveyed said that rising costs are affecting consumers confidence – with CGA stating this may be leading to a rise in sales of Long Alcohol drinks such as stouts.
This is because some people perceive pints to be better value than spirits.
Irish consumers are moving towards buying quality over quantity – with 53 per cent of those surveyed stating they would rather one of two high quality drinks.
12 per cent said they would buy four to five lower-quality drinks.
Healthy options wanted
Nearly half of those assessed said they now expect venues to offer healthy options with over a quarter wanting to try no and low alcohol beers.
One in eight people now look for “ethical qualities” in the drinks they buy.
40 per cent of Gen Zers were assessed as more likely to buy from a brand if it openly supports moral causes and values.