Fewer shoppers willing to spend on pricey goods, survey finds

Fears of a Covid-19 resurgence have left fewer shoppers willing to fork out for expensive goods, a survey claims today.

A monthly round-up of families’ and employers’ views of their financial prospects shows their concerns at rising virus rates.

Little more than one in five – 21 per cent – of consumers thought August was a good time to spend money on goods such as furniture and electrical equipment, the Bank of Ireland Economic Pulse says.

This was down from the 25 per cent of households who were willing to buy these items in June.

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The survey notes that tougher coronavirus restrictions imposed on counties Kildare, Laois and Offaly, during the month added to consumers' gloom in Leinster.

Households remained on edge in August, the study notes. Dr Loretta O’Sullivan, the banks’s group chief economist, believes this is not surprising.

“The rise in virus cases at home and overseas has rattled nerves,” she says. Dr O’Sullivan partly blamed the midlands lockdown, Government stalling the opening of “wet” pubs and confusion over travel restrictions.

The Bank of Ireland Economic Pulse, which surveys businesses and homes, stood at 59.3 in August, down 2.5 on July and 19.8 lower than one year ago.