Latest figures reveal a decline in Irish consumer sentiment during the month of July.
The figures from the Economc and Social Research Institute (ESRI) and IIB Bank show that the overall Consumer Sentiment Index for July stood at 74.7, compared to a figure of 83.2 in June.
The corresponding figure for the same month last year was 90.9. The 3-month moving average stood at 90.8 in July 2006.
The Consumer Sentiment Index is comprised of two sub-indices; an index of consumer expectation focusing on how consumers view prospects over the next 12 months and an index of current economic conditions, focusing on the present situation. The data for the survey is obtained by interviewing over 800 persons in the first two weeks of the month in question.
The Index of Consumers Expectations is based on consumers' perceptions of their future financial situation, the economic outlook and employment expectations.
The index value for July stood at 63.9, compared with 74.1 in June. This decline in certainty was the result of increased concern about the economic outlook and for the labour market over the coming twelve months.
Consumers' perception of their current situation also weakened in July. The value for this index was 90.8 in July, compared with 96.6 in June. Consumers are becoming more cautious about their current household finances and the current buying climate.