With inflation remaining stubbornly high, Consumer confidence remains low for the year ahead
This wave of the B&A Consumer Confidence Barometer was conducted from the 2nd -14th of February 2023.
With the housing crisis and inflation continuing, consumer confidence sees a slight drop from -54 in January to -57 in February.
Confidence continues to remain at a very low level, with 2 in 3 (67%) anticipating Ireland will be worse off in the coming year, and just 1 in 10 believe the country will be better off.
While confidence is low across all demographic groups, females, more blue collar (C2DE) social classes, and those living outside Dublin are most pessimistic. Consumer Confidence is particularly low in Connaught/Ulster.
Due to high inflation, almost half (46%) of the people anticipate having less disposable income in the upcoming year. Not surprisingly, with less disposable income, nearly half (55%) of all consumers anticipate spending less in the upcoming year, while just 9% indicating they will spend more.
More than half (55%) are saving less, which indicates that people are eating into savings built up to cope with the cost-of-living crisis.
In the recent Eurobarometer survey conducted by B&A, the two most important issues facing Ireland at the moment are housing and rising prices/inflation/cost of living while rising prices/inflation/cost of living is the most important issue thought to be facing the EU. Housing is much less of a key issue across the EU27, with only 8% of the EU27 generally noting housing as a key issue in their country.
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