Majority of consumers globally have stopped following fashion trends due to rising inflation levels, says a new survey by EY Future Consumer Index. Around two thirds of respondents said they no longer feel the need to keep up with the trends, with 69 per cent now attempting to repair rather than replace their belongings.

A further 60 per cent of the 18,000 respondents from 24 countries interviewed in May and June said they are relying less on beauty and cosmetic products to boost their confidence.

Customer buying behaviors are changing once more and supply chain theory has become the topic of dinner conversation around the country, with Irish businesses taking note," says Ivan O'Brien, Consulting Partner, EY Ireland.

Digital behaviors learned during lockdown will continue to be embraced if they offer savings to Irish consumers, and businesses with user-friendly digital channels have an opportunity to capitalize on this.

Additionally, producers are moving away from lean production processes and embracing 'just in case' planning, so as to avoid running out of stock due to sudden increases in demand

The report also found that finances are now a concern for four in five people.

Despite improving sentiment towards sustainability year-on-year, two-thirds of participants in the EY survey said the high price of sustainable goods is off-putting.

The survey also found that one in eight consumers have used digital currencies, rising to 15 per cent among Gen Z and 18 per cent among millennials.