Irish Consumer Confidence At Two Year High: KBC Bank
Irish consumer sentiment has continued to improve in June, research shows.
According to the latest KBC Bank consumer sentiment, although only marginally higher than May, the increase was sufficient to push Irish consumer confidence to a two year high.
"Encouragingly, the June reading pushes the sentiment index back in line with the twenty five year average of the series. So, it could be argued that sentiment has now 'normalised'," said Austin Hughes, of KBC Bank.
These results suggest the shadow of the pandemic is gradually lifting from the economy and, as a result, Irish consumers are becoming less concerned about their current circumstances as well as less fearful about the future.
This is further suggested by the fact that June marks the fifth successive monthly increase in the KBC Bank consumer sentiment index-the first time that has happened since the beginning of 2007.
The re-opening of the economy did contribute to a clear easing in nervousness about the general outlook for the Irish economy in June, the data revealed.
"This element registered its best reading since November 2018 but, given the long-lasting concerns about Brexit that predated the pandemic, it remains the case that the May survey shows negative views on the economic outlook still slightly exceeding positive views," Hughes added.
So, while the June survey suggests brighter days ahead, it does not seem consumers see entirely cloud-free economic skies.