Irish Consumer Sentiment Dips in August as Lockdowns Reimposed - Forex News by FX Leaders
Irish Consumer Sentiment Dips in August as Lockdowns Reimposed

Irish Consumer Sentiment Dips in August as Lockdowns Reimposed

Posted Monday, August 24, 2020 by
Arslan Butt • 1 min read

The sentiment among consumers across Ireland declined during August as the country reimposed lockdown restrictions in some regions as coronavirus cases climbed higher. The KBC Bank consumer sentiment index slipped from 62.6 in July to 58.9 for the month of August, highlighting worries about delay in economic recovery in the wake of the ongoing crisis.

While uncertainty remains high, spending power and pent-up demand among consumers in the country are likely to keep the sentiment supported in the coming months. The dip in August’s reading was driven solely due to the fresh lockdowns in Europe’s fastest growing economy.

KBC Ireland chief economist Austin Hughes observes, “There have been some very positive elements in recent spending data that, together with the trend in consumer confidence in recent months, point to a clear turnaround in sentiment and spending from April’s low-point. However, the muted survey results for both July and August suggest that we may be seeing a limited rebound rather than the first signs of a lasting recovery in Irish economic conditions of late.”

Unlike several other countries across Europe, Ireland continued with strict lockdown measures for an extended period of time amid a rise in the number of coronavirus cases even as other countries started reopening their economies.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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