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Consumer sentiment weakened last month to its lowest level in 13 months, according to a new study
Respondents expressed concern over growing risks for the economy global and the impact of housing and fuel prices. The KBC Bank Ireland / ESRI consumer confidence index rose from 106.7 in May to 102.1 in June, continuing a downward trend in monthly changes since the index hit a record high. 17 years old in January.
that the fall – the second in 20 months – highlighted the fragility of the financial situation and Irish consumers ten years after the crash of 2008.
The Irish economy is posting the fastest growth in Europe since 2014 and unemployment has fallen rapidly, but the recovery has been uneven for some consumers, with only modest gains in purchasing power.
The fall is partly due to concerns over Britain's exit from the European Union and the growing threat "The significant drop in consumer sentiment in Ireland in June seems to reflect a much more threatening global economic outlook. said Austin Hughes, chief economist at KBC Ireland. "In addition, continued pressure on household finances means that Irish consumers are more sensitive to bad news."
Only one in four consumers thought that the financial situation of their households had improved in the last 12 months. A similar proportion anticipates gains in the coming year.
The survey showed, however, that Irish consumers overall remain "modestly positive" about their prospects, Hughes said.
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