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Consumer Confidence Up In Q1, Nielsen Study Finds

By square1
Consumer Confidence Up In Q1, Nielsen Study Finds

Consumer confidence rose in the first quarter of this year, according to the latest edition of the ‘Concerns & Spending Intentions’ report from Nielsen.

The study found that global consumer confidence increased 2 pts on the last quarter to 96, while Europe’s score also rose 2 pts to 75. Ireland’s consumer confidence increased 5 pts to 82 this quarter.

Commenting on the findings Dr. Venkatesh Bala, chief economist at The Cambridge Group, a part of Nielsen said, “With global consumer confidence at a seven-year high, it marks a significant milestone for the longest recession since the Great Depression. A global sentiment moves to one of cautious stability. As recovery continues, signs of optimism are increasing.”

Job security remains Ireland's biggest concern (-2% pts), followed by increasing utility bills (+1%pt) and debt (+2% pts). Those feeling job prospects are good/excellent increased to 32% (+6% pts), while a significant 39% are optimistic about their personal finances (-1%pt). Readiness to spend has increased four percentage points to 33%.

The Nielsen report found that 26% say they have no spare cash once essential living expenses have been covered (-2%pts). The majority continue to put any spare cash they do have into savings (+5%pts). Interestingly, in terms of household saving strategies this quarter compared to the previous; 68% say they have switched to cheaper grocery brands (+1%pt) while 36% say they have cut down or buy cheaper brands of alcohol (+6%pts).


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