With the all-important Christmas season already upon us, consumer confidence has picked up a little, according to the latest Ipsos B&A Consumer Confidence Barometer which was conducted between November 14th and the 20th.
With a significant easing of inflation, consumer confidence has improved from -41 in October to
-36 in November.
While this is a significant improvement compared to the same time last year, consumer confidence remains at a low level, with more than half (53%) anticipating the country to be worse off a year from now, and just 17% expecting the country to fare better in the year ahead.
The improved outlook is especially driven by males, the younger age cohorts and higher social classes, while consumer confidence remains very low among the middle aged and lower social classes. Consumer confidence is furthermore significantly lower among those living outside Dublin.
Despite the high inflation for more than a year, 2 in 3 (66%) “cope”, with 1 in 5 struggling financially.
Spend intention in the year ahead also sees an improvement, but almost half (47%) expect to decrease their spend in the year ahead, with just 16% expecting to increase their consumer spend.
Outlook for the value of personal assets in the year ahead has improved and remains net positive.
Survey results are based on a sample of 1,022 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 Ipsos B&A’s Acumen Online Barometer.