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Irish Consumer Sentiment Slips In February Reflecting A 'Pull-Back' In Spending

Published on Mar 5 2018 10:17 AM

Irish Consumer Sentiment Slips In February Reflecting A 'Pull-Back' In Spending

Irish consumer sentiment slipped somewhat in February reflecting a
pull-back in spending plans and slightly more cautious views on Irish
economic prospects in the coming twelve months, according to the
recently published KBC Bank Ireland/ESRI Consumer Sentiment Index.

The Big Chill

The report indicates that the ‘big chill’ of the financial crisis may
be well behind us but the economic ‘thaw’ has been slow and uneven.
The survey details continue to point towards a gradual return to more
normal conditions, but the pull-back in consumer sentiment in February
suggests this may yet take some time.

"The February sentiment results suggest that quite a number of Irish
consumers may still feeling a financial chill." Austin Hughes, KBC
Bank Ireland, noted.

"While confidence is gradually improving the drop in February reflects
expectations of limited growth in spending power and a corresponding
pull-back in buying plans."

Modest Growth

The proportion of consumers anticipating poorer household finances
rose modestly to 12% from 9% in January. Overall, these responses
imply the vast bulk of Irish consumers see no marked change in their
personal financial circumstances through the coming year.

"Persistent growth in personal financial outlooks relative to 12
months ago highlights how the ongoing recovery continues to propagate
down to households." Philip Economides, ESRI, said.

The report shows that confidence measures for consumers in the Euro
area and The UK also saw declines in February that may owe something
to similar seasonal influences in these indicators.

© 2018 - Checkout Magazine by Donna Ahern

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