Ireland Consumer Confidence August 2022

Ireland

Ireland: Consumer sentiment decreases in August

August 18, 2022

Consumer confidence came in at 53.4 in August, down from July's 53.7. August's result marked the weakest sentiment since October 2020.

The mild deterioration came against a very uncertain backdrop. Looking at the details of the release, consumers grew more pessimistic with regard to their personal financial situation in the coming year and the outlook of the labor market. Additionally, they became less inclined to make big-ticket purchases. Meanwhile, about 70% of surveyed consumers reckoned that higher interest rates are likely to have a negative impact on their personal financial circumstances.

FocusEconomics Consensus Forecast panelists see private consumption expanding 4.3% in 2022, which is unchanged from last month’s forecast. In 2023, the panel projects private consumption growth at 2.4%.


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Ireland Consumer Confidence August 2022 0

Note: The KBC Bank Ireland Consumer Sentiment Index.
Source: KBC Bank Ireland.


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