Consumer sentiment weakened in July to hit its lowest level since 2004, new research from the ESRI and IIB Bank claims.
The latest figures show the Consumer Sentiment Index fell to 96.5 in July, compared to a figure of 99.6 in June. This was also a slight decrease on July 2004's data, which reached 96.6.
Concern for future finances and the economy at large caused the index of consumers' expectations to drop to 93, compared to June's figure of 94.2.
Consumers' perception of their current situation also tumbled from 107.7 in June to 101.9 in July; the survey blamed consumers becoming less positive about personal finances.
According to Austin Hughes of IIB Bank, consumer sentiment is at its lowest point since 2004.
"This may seem a surprising result in what remains a generally healthy economy," he said. "It probably reflects the fact that solid economic conditions haven't delivered the scale of improvement in living standards that consumers appear to have expected."
A weaker buying climate in July was hinted at with a lower number of car registrations.
Mr Hughes attributed increased consumer caution regarding large purchases to spiralling energy costs and worries about personal debt. Concerns about global terrorism could also have had an impact on Irish consumers, he said.
