Business

Irish consumer confidence falls to 21-month low in July

Weakening most pronounced in consumers’ views on personal finances circumstances

The KBC Bank Ireland consumer sentiment index slipped to 53.7 in July from 57.7 in June, its fifth fall in six months. Photograph: Luke O'Reilly/PA

Thu Jul 21 2022 - 11:15

Irish consumer sentiment fell to a 21-month low in July on concerns that a darkening economic outlook would hit personal finances in the coming months, a survey showed on Thursday.

The KBC Bank Ireland consumer sentiment index slipped to 53.7 in July from 57.7 in June, its fifth fall in six months.

That compares to the 2022 high of 81.9 hit in January and to a 10-year low of 42.6 set in April 2020 following the appearance of Covid-19 in the country.

July’s weakening was most pronounced in elements of the survey focused on consumers’ personal finances circumstances, said economist Austin Hughes in analysis distributed by KBC.

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The sub-index measuring consumers’ potential for major purchases remained strong at 83.1, down from 84.9 in June.

“In a generally downbeat sentiment survey for July, perhaps the most encouraging element was a relatively limited adjustment in consumers spending plans,” Mr Hughes said. — Reuters

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