Consumer confidence rose to a 14-month high this month as concerns about the economic outlook eased, but cost-of-living pressures still curbed spending, the latest Credit Union Consumer Sentiment Index shows.
The continued improvement in the consumer mood may reflect hopes that the Government will introduce further measures offering respite from inflation, economist Austin Hughes said in his analysis of the survey. “Confidence is building slowly but surely, though current sentiment readings still signal fragile financial circumstances are weighing heavily on the mood of many Irish consumers,” he said.
Consumers remain cautious about spending plans, with the majority planning to curtail their outlays in the coming months to either make ends meet, protect against further financial stresses or save for a special purchase.
Only one in five people think the worst of the cost-of-living crisis has passed, with three in five disagreeing with this statement.