The latest wave of wave of the B&A Consumer Confidence Barometer, which was conducted at the end of January 2023 shows consumer confidence is improving ever so slightly.
With inflation easing somehow and less fears of a recession, consumer confidence has improved further from -65 in December to -54 for January, following an upwards trend since September.
But confidence remains low, with 2 in 3 (66%) believing Ireland will fare worse in the year ahead, and just 13% believing that Ireland will be better off.
Consumer confidence is particularly low among women, lower social classes and those living outside Dublin. All regions see an improvement in consumer outlook, but this is more so the case for Dublin and Connaught/Ulster.
Income outlook has also improved but at a lower rate compared to consumer outlook and still at a very low level, with more than 2 in 5 (43%) expecting their disposable income to go down in the coming year.
Despite the easing in inflation and recession fears, consumers remain cautious in terms of spending, with more than half (56%) expecting to reduce spend in the year ahead.
More than half (55%) expect to save less in the year ahead.
Survey results are based on a sample of 1,062 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 was conducted via B&A’s Acumen Online Barometer.
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