Rising prices and recession fears are driving down consumer confidence according to the latest wave of the B&A Consumer Confidence Barometer.
Following a slight increase in May, consumer confidence is down significantly from -57 in May to -72 for June, driven by high inflation and fears of an upcoming recession.
4 in 5 now believe the country will be worse off in the coming year, with less than 1 in 10 believing the country will be better off. This is the lowest level of consumer confidence since September 2020.
Again, we see a stark difference between those living in and outside of Dublin. Women, older generations and lower social classes are also more pessimistic than the average.
With rising prices, more than half expect their disposable income to be lower in the next 12 months.
This is likely to have a significant, negative impact on both consumer spend and savings.
Fears of an upcoming recession is also evident, with a decline in outlook for value of personal assets.
Survey results are based on a sample of 1,019 adults aged 16+, quota controlled in terms of age, gender, socio-economic class and region to reflect the profile of the adult population of the Republic of Ireland. All interviewing on this wave was conducted via B&A’s Acumen online barometer.