According to the latest Consumer Confidence report from Nielsen, consumer confidence in Ireland now stands at an index of 93, its highest score since mid-2008. The figure of 93 is five points higher than last quarter and nine points higher than the same time last year.
The biggest driver of the increase in the consumer confidence score is the positive sentiments around Job Prospects, which are up five percentage points, with 48% rating them as 'good' or 'excellent'.
Optimism around Personal Finances and Readiness to Spend have also increased by four percentage points each, to 48% and 41% respectively.
In terms of spending intentions, 62% of those surveyed have changed household spending in order to save (-7% pts on last quarter) while those saying they have 'no spare cash' has decreased by six percentage points to 18%. 61% have switched to cheaper grocery brands, while 28% have done the same with alcohol brands.
There has been significant change in recessionary sentiment this quarter, with 62% feeling that Ireland is 'still in a recession'. This is down from 71% in the last quarter and is below the European average of 65%.
Despite a fall in unemployment rates, Irish consumer sentiment when it comes to getting a job hasn't changed with 43% saying it is still difficult to get a job, down one percentage point on the last quarter.
The biggest concerns of the Irish people this quarter are job security, health and increasing utility bills, with 13% of respondents citing each as their biggest concern.
The Nielsen Global Survey of Consumer Confidence and Spending Intentions was conducted from August 10 to September 4th 2015 and polled more than 30,000 online consumers in 61 countries throughout Asia-Pacific, Europe, Latin America, the Middle East/Africa and North America.
© 2015 - Checkout Magazine by Niall Swan
