Irish Consumer Sentiment Weakens Slightly In August
Irish consumer sentiment weakened slightly in August, according to the latest KBC Bank/ESRI index.
The recent survey indicated that consumers 'reined in their spending' last month.
Commenting on the results Conor O’Toole, ESRI, said: "The overall sentiment index declined in August, reversing gains seen since early in the year and levelling out just above the level seen one year ago.
The index noted that consumer sentiment fell to 102.9 in August, a relatively modest drop from the 17 month high of 105.1 recorded in July.
"The falls in the index are mainly driven by consumers view’s on the current economic conditions, with the index of current economic conditions falling 7.6 points relative to July 2017." O'Toole added.
In addition, Austin Hughes, KBC Bank Ireland said that the slight drop in sentiment in August isn’t entirely surprising and largely reflects a pull-back in spending plans as summer sales and holidays end.
"The focus of many consumers turns to back-to-school costs and other pressures on household finances." Hughes said.
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