Irish consumer confidence hit a new low in October and most consumers expect things will have to get even worse before they begin to get better, according to the confidence survey released today.
The survey complied by the ESRI and IIB Bank shows that consumer sentiment weakened further in October, reaching a new low for the series at 65.9 - the September reading was 70.3.
The future expectations element fell more than the current condition reading suggesting Irish Consumers have accepted the boom is over and tough times lay ahead.
The drop was broadly based but poorer prospects for the Irish economy as well as increasing concerns about personal finances were key drivers of the decline.
Mr Austin Hughes chief economist at IIB Bank said the easing is consistent with softer but still respectable increases rather than a downward lurch in household spending in coming months.
"For retailers, the data probably point to Christmas spending being curtailed rather than cancelled." Mr Hughes said.
An additional question in October's survey suggests that Irish consumers are primed for a relatively tough budget. Almost half (42 per cent) of Irish households believe the budget will leave them slightly worse off.
