Consumer Mood Lifts In May As Businesses Start To Feel The Holiday Lull
Consumers’ mood lifted somewhat in Ireland this month as the news flow surrounding Brexit dried up over the Easter break, giving households time to breathe.
This is according to the latest Bank of Ireland Economic Pulse data published today (27 May). The data also found, however, that business sentiment was quite mixed.
The Economic Pulse, which combines the results of the Consumer and Business Pulses, stood at 90.2 in May, 1.1 points lower than last month and 7.3 lower than the same period last year.
According to the survey, Irish households are more optimistic about the outlook for the economy, despite major challenges posed by Brexit and the US-China trade war.
Dr Loretta O’Sullivan, Group Chief Economist, Bank of Ireland, said, “With the holiday season getting underway and a lull in the Brexit news flow, households were in a more upbeat mood this month.”
The consumer pulse jumped up by 5.3 points compared to last month, but fell by 10.4 points compared to this time last year.
The survey suggested that households were not only upgrading their assessment of the economy, but also of their own finances.
‘Buying sentiment ticked up as well,’ the report read, ‘with 36% considering it a good time to purchase big-ticket items like furniture and electrical goods (32% in April)’.
It added that seven in ten respondents are planning on spending the same or more on holidays this year compared with last year.
The Business Pulse was mixed, with the Services and Construction Pulses giving a subdued reading, but the Retail and Industry Pulses excelled.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.