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Irish Consumer Sentiment Shows Substantial Improvement In June

Published on Jun 24 2020 8:38 AM in Retail tagged: Trending Posts / KBC Bank / Irish Shoppers

Irish Consumer Sentiment Shows Substantial Improvement In June

Irish consumer sentiment showed a further substantial improvement in June, a new survey shows.

According to the latest KBC Bank Consumer Sentiment Index the easing in health restrictions in Ireland and elsewhere has lessened fears about the economic outlook and job prospects.

However, research shows that consumers remain very concerned about their current personal financial circumstances.

As a result, the June outturn remains some significant distance below pre-pandemic readings for Irish consumer sentiment.

'Less Negative' 

The details of the June sentiment survey suggest Irish consumers have become clearly less negative about the outlook for the Irish economy and prospects for jobs as ‘lockdown’ measures eased here and elsewhere.

"So, while the reflex response of Irish consumers may be to focus on emerging risks to the downside, they are not entirely blind to positive developments," said Austin Hughes of KBC Bank.

"Hence the signalling role that a fiscal stimulus might play could give significant support to sentiment and spending through the autumn."

Reopening

While fading fears should support stronger spending, there is still a sense in these data of an Irish consumer who will remain cautious even if they are willing to queue, the group highlighted.

Hughes said: "In this respect, we think it is entirely consistent that, after a protracted period in which shopping was severely curtailed, the re-opening process sees some element of pent-up demand being released."

"The question is whether buoyancy proves short-lived or marks the start of a surge," he added.

© 2020 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.

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