Consumer confidence remains stagnant and in negative territory, despite positive economic indicators.
This wave of the Ipsos B&A Consumer Confidence Barometer was conducted from the 11th – 17th May 2024.
Despite easing inflation and near full employment in the economy, consumer confidence has remained lacklustre in May, with a net rating of -38 (those feeling downbeat versus those feeling more upbeat). It nevertheless remains slightly higher than the 2023 average of -41. Over half (56%) expect the country to be worse off in the year ahead, with 18% expecting the country to improve in the coming year. However, the latter represents an increase of four percentage points since April.
Confidence is lowest among those in the middle-aged bracket, females, and those from lower socio-economic groupings. Sentiment has improved in both Dublin and Connaught/Ulster but has slipped back in Munster. Dubliners continue to be most upbeat.
Almost half expect to save less in the coming year –with just one in five (19%) being more positive.
The proportion of households who claim to be “coping” with the cost-of-living crisis has remained steady – 65% are managing vs. 64% in April. Over one in five (22%) state they are facing difficulties.
While the population are generally quite cautious this month, there is still a belief among many that their net worth (in terms of the value of their personal assets) will grow over the next year– 37% believe their assets overall will increase, with just one in five (22%) adopting a more negative outlook.
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