Ibec: Irish Consumer Looking Ahead With Confidence
Published on Dec 22 2014 8:39 AM in Retail
Ibec has said that the Irish consumer is now "looking ahead with more confidence" as it released its latest Quarterly Economic Outlook.
In the report, Ibec said that "despite disappointing preliminary growth figures for the third quarter, the economy will significantly outperform the rest of Europe and grow by a spectacular 5.7% this year."
It added that the current lower price of oil is also proving beneficial for Irish consumers, noting that "every $10 fall in the price of a barrel of oil translates into an additional €100 million spending power for Irish consumers."
Commenting, Ibec Head of Policy and Chief Economist Fergal O'Brien said, "Ireland is well placed to continue growing strongly next year. Unemployment looks set to fall to 10.5% this year and we predict a further drop to below 9% next year.
"Consumer confidence is on the rise and Christmas sales this year look set to be at their highest level since 2009. €80 million more will be spent in the shops this December compared to last. These positive trends look set to continue over the coming months as low inflation supports consumer purchasing power. Record low interest rates should further boost investment."